2002 AGN JAN 22 I01 - Laserfiche WebLink

Browse Search

City Council Report — Acceptance of EDA Grant Award January 22, 2002 Page 2 of 3 EDA Regional Office in Seattle, Washington. In doing so, the City is agreeing to the standard and special award terms and conditions contained in the Financial Assistance Award document. Many of the conditions contained in the award documents are basic standard governmental requirements relating to contract administration, cost accounting, and record-keeping for the project and insuring that the grant funds are used for eligible items. However, there are ten (10) special award conditions contained in the package noted as Exhibit "A" to the Financial Award Conditions. Most notably of which is condition 9 , which will prevent disbursement of the EDA funds to the City until such time as the City submits a report to EDA that adequately addresses the Civil Rights issues identified in this condition. The Human Resources Department recently completed and submitted a report to the EDA on January 10, 2002, which should address these issues.. These conditions and requirements have been transmitted for review and comment by the City Attorney, Engineering Department and Finance Department to insure that each department is aware of and can comply with standard and special conditions, if the City wishes to accept this $1,000,000 grant from the EDA. Financial Impact The EDA grant requires that the City match the EDA $1,000,000 grant with $1,306,896 in local funds. The City (or Agency) intends to provide this match though a combination of sources, including a loan from the California Infrastructure Bank, Agency cash contributions, developer contributions, and/or other available methods of financing as necessary. The Agency is currently obligated to contribute funds and assist in securing financing for the subject project under the terms of the 1998 Participation Agreement by and between the City, the Agency and East Valley Land Company and subsequent amendments to that Agreement. The grant is intended to be matched with previously committed funding for public improvements and thereby reduce the overall level of debt related to the project. As proposed, the grant will benefit both the Agency and the Developer. Environmental Impact The action being considered will not have any environmental impact. The EVLC development along with its associated infrastructure improvements have been reviewed by the City of Colton and a negative declaration has been filed. Recommendation Adopt a Resolution accepting the $1,000,000 Public Works and Economic Development Grant from the Economic Development Administration, approving the various terms, conditions and requirements of the Grant Award and authorizing the City Manager to execute all necessary documents related to the EDA Grant Award.