Item Description:
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Neg Agmts PR00006316 and PR00006317 with NextStage to establish small business and commercial ownership capital funds, 07/01/24-07/01/34, total combined NTE $4,220,000
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Resolution:
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BE IT RESOLVED, that the following 2022 Community Investment Initiative awards totaling $3,120,000 authorized under Resolution 22-0325 (adopted August 16, 2022) be rescinded and reallocated herein consistent with Resolution 21-0370 (adopted October 5, 2021): City of Bloomington for the Small Business Resource Center project in the not to exceed amount of $400,000 (Agreement PR00004646); City of Brooklyn Center for the Entrepreneurship Market Plaza project in the not to exceed amount of $750,000 (Agreement PR00004653); Perspectives, Inc. for the Seed the Change project in the not to exceed amount of $370,000 (Agreement PR00004652); Riverfront Development Partners, or affiliated entity, for The Resolute project in the not to exceed amount of $800,000 (Agreement PR00004640); and 1200 KMA Development, LLC, or affiliated entity, for the ZaRah project (Agreement PR00004664) in the not to exceed amount of $800,000; and
BE IT FURTHER RESOLVED, that Amendment 1 to Agreement PR00004557 with NextStage, Inc. for the Emerging Contractor Support Program, reducing the not to exceed amount from $1,500,000 to $400,000 and shortening the contract term from December 31, 2024, to June 30, 2024, be approved; that recaptured funds in the receivable amount of $1,100,000 be accepted from the vendor in accordance with the agreement and available for reallocation herein consistent with Resolution 21-0370; and that the Controller be authorized to accept and disburse the funds as directed; and
BE IT FURTHER RESOLVED, that the County Administrator be authorized to negotiate Agreement PR00006316 with NextStage, Inc. to provide seed capital for the establishment and implementation of a small business capital fund with the not to exceed amount of $1,100,000, and Agreement PR00006...
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