HomeMy WebLinkAboutVIII-02 Authorize Signature Dakota County Community Development Agency (CDA) Redevelopment Incentive Grant - Siewert
City Council Memorandum To: City Council
From: Eric Maass, AICP, EDFP, Economic Development Coordinator Date: November 29, 2021 Item: Authorize Signature of $250,000 Dakota County Community Development Agency (CDA) Redevelopment Incentive Grant Award Contract
REQUEST: Authorize Signature of $250,000 Dakota County Community Development Agency (CDA) Redevelopment Incentive Grant Award Contract. The following actions are requested:
1) Authorize Signature of Dakota County Community Development Agency (CDA) Redevelopment Incentive Grant Award Contract. This grant was applied for by the City of Hastings in support of the proposed 32 unit market rate apartment to be constructed at the northwest corner of the intersection of 3rd Street and Tyler Street.
RECOMMENDATION: Staff recommends authorizing signature of $250,000 Redevelopment Incentive Grant award contract from the Dakota County Community Development Agency (CDA).
BACKGROUND INFORMATION: History: The City Council and HEDRA previously directed Staff to submit an application in pursuit of a redevelopment incentive grant (RIG) through the Dakota County CDA. At the November 16th,
CDA meeting the CDA board voted unanimously in favor of approving the Grant request with CDA staff in support of the request as well. The Grant Agreement requires a status report be submitted to the CDA on May 31st and November 30th with a final report due sixty days following the grant release date. City Staff will
work with the project developer to collect appropriate documentation for release of grant funds. The grant requires that all grant funds be expended either twelve (12) months of the date of the grant agreement or December 31, 2022. An extension is possible if necessary. ATTACHMENTS:
• Location Map
• Redevelopment Incentive Grant Program Grant Agreement
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LOCATION MAP
Redevelopment Location
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