Title
Grant application for a U.S. Economic Development Administration Public Works Impact Project Grant
Explanation
In April of this year, the City submitted a proposal to the U.S. Economic Development Administration (EDA) for a grant to help construct a 30,000 square foot facility to be used as a technology business incubator. Subsequently, the City has received a formal invitation from EDA to submit a full application for the grant funds. If awarded, the City will receive a grant in the amount of $1,440,000 to help construct the facility.
Fiscal Note
The EDA grant funds will provide 80 percent of the funds needed to construct the facility. The additional 20 percent has been matched by the City and County Commissions at their public meetings held on June 22 and 23, 1998, respectively, at which time each appropriated $180,000 towards the project. In addition, other soft costs have to be born by the applicant. It is expected that the City will spend approximately an additional $16,000 in soft costs associated with the project in order to complete the application to EDA. These include appraisals, surveys, environmental studies, and other consulting fees. These funds will come from a $10,000 grant given to the project by the Neighborhood Housing Development Corporation and the remaining $6,000 will come from the City's Economic Development department funds and the City Manager's department funds.
Recommendation
The City Commission: 1) authorize staff to develop the application to the U.S. Economic Development Administration for a Public Works Impact Project Grant in the amount of $1,440,000 (80 percent of the construction costs of the facility); 2) authorize the Mayor, City Manager and the Clerk of the Commission to execute the proper documents associated with the grant application; 3) authorize the Mayor, City Manager and the Clerk of the Commission to execute the grant documents if the grant is awarded; and, 4) if the grant funds are ...
Click here for full text