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Item No. OU Staff Report No. Meeting Date: September 28, 1998 Type of Business: Consent Agenda WK: Work Session;PH:Public Hearing; CA:Consent Agenda;CB:Council Business City of Mounds View Staff Report To: Mayor and City Council From: Kevin Carroll,Economic Development Coordinator Item Title/Subject: Authorization to Submit Application for DTED Redevelopment Grant Date of Report: September 24, 1998 Summary: Earlier this year the Minnesota legislature established and funded a Redevelopment Grant Program to assist with complex and costly redevelopment projects that might not occur without public financial assistance. All indications are that redeveloping the Mermaid site by acquiring nearby parcels to add a hotel and a banquet facility will be both complex and costly. The Developers have indicated that various types of public financial assistance will be required to make the project feasible. City staff members are seeking authorization to pursue state grant funds that could be used to help finance the redevelopment and thereby reduce the City's financial obligations in connection with the project. Background: A maximum of$1.5 million for metro-area redevelopment projects will be awarded by DTED in late October or possibly November. Another$1.5 million will be awarded in late April or early May. The application deadline for the first grant cycle is October 1, 1998. The application guidelines require that the application be accompanied by a copy of resolution(in a format specified by DTED). The attached resolution has been prepared in accordance with those specifications. Work on the application itself is still in progress, and at this point is appears that it may not be completed until shortly before the application deadline. I should emphasize that neither adopting the attached Resolution nor submitting the grant application to DTED automatically obligates the City to do anything in connection with the proposed project, even if DTED awards grant funds to the City. Only a signed Development Agreement can create"final", enforceable legal obligations between the City and the Developers regarding TIF and other forms of assistance. Recommendation: Adopt attached Resolution authorizing Kevin Carroll, Economic Development Coordinator, to submit an p 'cation for TED .evelopment Grant by the applicable deadline of October 1, 1998. ,a4,144 Kevin . oll, Economic I - elopment C o ordinator N:\DATA\GROUPS\COMDEV\CITYCOUN\CC-REP\MER-DTED.REP