Item Description:
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2025 Transit Oriented Communities funding recommendations - neg 4 grant agmts, 05/14/25-12/31/27, NTE $1,100,000; neg 2 deferred loan agmts, 05/14/25-12/31/65, NTE $900,000
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate these Grant Agreements during the period May 14, 2025 through December 31, 2027:
* PR00007342 with Bush Companies, or affiliated entity, for the 2815 East Lake Street project, with the amount not to exceed $200,000;
* PR00007334 with Cultural Wellness Center, or affiliated entity, for the Dreamland on 38th project, with the amount not to exceed $300,000;
* PR00007335 with Footprint Development, or affiliated entity, for the 501 Mainstreet project, with the amount not to exceed $350,000;
* PR00007336 with Mni Sota Fund, or affiliated entity, for the Indigenous Wealth Building Center project, with the amount not to exceed $250,000;
that following review and approval by the County Attorney's Office, the Chair be authorized to sign the agreements and related documents on behalf of the authority; and that the Controller be authorized to disburse funds as directed; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to negotiate these Deferred Loan Agreements during the period May 14, 2025, through December 31, 2065:
* PR00007337 with Solhem Development, LLC, or affiliated entity, for the 1345 Central project, with the amount not to exceed $500,000;
* PR00007339 with VY Enterprise LLC, or affiliated entity, for the Community Corner project, with the amount not to exceed $400,000;
that following review and approval by the County Attorney's Office, the Chair be authorized to sign the agreements and related documents on behalf of the authority; and that the Controller be authorized to disburse funds as directed.
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Background:
The Transit Oriented Communities (TOC) program, previously known as Transit Oriented Development (TOD), has been a mainstay of Hennepin C...
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