| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | | BILL NO. 23-769 | Res.No: 6948 |
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| | | | | | | | Agenda Title:
23-769 A resolution authorizing acceptance of a grant in the amount of $5,000,000 from the Missouri Department of Economic Development (DED) for reimbursement of certain project development costs associated with the Eastgate Commerce Center project; authorizing future change orders, extensions, amendments, or addendums for additional funding for the same project. |
| | | | | | | | Recommendations:
Staff recommends approval. |
| | | | | | | | Executive Summary:
In partnership with NorthPoint Development, the City submitted an application for the Missouri ARPA Industrial Site Development Grant Program in the amount of $34,306,800 and was approved for $5,000,000. Proceeds from the grant will be used in accordance with the budget shown in Exhibit 3. As part of this award, NorthPoint Development will transfer $1.5M to the City which will be applied toward infrastructure improvements specified in the Development Agreement approved by the City Council on May 22, 2022. |
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Fiscal Impact:
The Fiscal impact to the City is $5,000,000. The Revenue will be deposited in the Capital Storm Fund 058 account 058-3219 and Expenditures appropriated from the Capital Storm Fund 058 account 7058-5406.
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| | | | | | | | | Department: City Manager's Office | Contact Person: Adam Norris |
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| REVIEWERS: | | Department | Action | | City Managers Office | Approved | | City Clerk Department | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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