Agenda Packets - 2004/05/03 - Laserfiche WebLink

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Discussion: The February 2004 Staff report indicated that grant funding might be a possible funding source; specifically the Community Development Block Grant (CDBG Grant). This particular grant is available through Ramsey County to assist lower income housing and manufactured home facilities to make improvements to make them or keep them desired elements of the community. In recent weeks, the City has secured a CDBG Grant for the purpose of installing a second access. The grant amount is $30,000.00. The issue now is how the grant should be applied as a funding source. Staff is recommending that it be applied proportionately based on the previously agreed City / Park split. Given this, the revised funding is as follows: $28,650.00 Public Street Work $17,350.00 Private Driveway Work $46,000.00 Total estimated cost City’s cost $28,650 – ((28,650/$46,000)*$30,000) $28,650 - $18,685 = $9,965.00 Park’s cost $28,650 – ((17,350/$46,000)*$30,000) $17,350 - $11,315 = $6,035.00 CDBG Grant = $30,000.00 Total Funding $46,000.00 There is an infinite number of ways the grant monies could be applied to this project. • One other option would be to apply the grant 100% to the City’s cost. This would completely eliminate the City’s cost and reduce the Park’s cost by $1,350; reducing the total to $16,000.00 • Another option would be to not have the Park pay any portion of the project; the City’s cost would then be $16,000.00.