HomeMy WebLinkAbout6.l. Transportation Development Infrastructure (TEDI) program
EXECUTIVE SUMMARY
City Council Regular Meeting Date: August 17, 2021
AGENDA ITEM: Transportation Economic Development
Infrastructure (TEDI) Program
AGENDA SECTION:
Consent
PREPARED BY: Eric Van Oss, Economic Development
Coordinator AGENDA NO. 6.l.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Motion to approve the Transportation Economic Development
Infrastructure (TEDI) Program Application
BACKGROUND
The Transportation Economic Development Infrastructure (TEDI) program is created to foster interagency
coordination between the Departments of Transportation and Employment and Economic Development to finance
infrastructure to create economic development opportunities, jobs, and improve all types of transportation systems
statewide. Funds appropriated for the program must be used to fund predesign, design, acquisition of land,
construction, reconstruction, and infrastructure improvements that will promote economic development, increase
employment, and improve transportation systems to accommodate private investment and job creation.
As part of the Boulder Avenue extension for Project Osprey, the City of Rosemount will apply for a TEDI grant. A
resolution is needed indicating Rosemount approval and the commitment of local matching funds from the
governing body. The matching funds from the City of Rosemount will be the Tax Increment Financing associated
with the Project Osprey TIF district.
RECOMMENDATION
Staff recommends approval of the resolution for the Transportation Economic Development Infrastructure
Program application.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2021 – 63
A RESOLUTION TO EXECUTE A TRANSPORATION ECONOMIC DEVELOPMENT
INFRASTRUCTURE PROGRAM APPLICATION
WHEREAS, that the City of Rosemount act as the legal sponsor for project(s) contained in the
Transportation Economic Development Infrastructure (TEDI) Program Application to be submitted on
August 27, 2021 and that the Mayor and City Clerk are hereby authorized to apply to the Department of
Employment and Economic Development for funding of this project on behalf of the City of
Rosemount.
WHEREAS, that City of Rosemount has the legal authority to apply for financial assistance, and the
institutional, managerial, and financial capability to ensure matching funds, adequate construction,
operation, maintenance and replacement of the proposed project for its design life.
WHEREAS, that City of Rosemount has not violated any Federal, State or local laws pertaining to
fraud, bribery, graft, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice.
WHEREAS, that upon approval of its application by the state, the City of Rosemount may enter into
an agreement with the State of Minnesota for the above referenced project(s), and that it will comply
with all applicable laws and regulations as stated in all contract agreements.
WHEREAS, that City of Rosemount has committed $ 1,287,997 towards the local match requirement.
Those funds will come from the Osprey TIF District account.
WHEREAS, that City of Rosemount confirms that all funding necessary for the project is secured and
City of Rosemount will provide funds to complete the project.
WHEREAS, that City of Rosemount will repay the grant if milestones are not realized by the
completion date identified in the Application.
WHEREAS, City of Rosemount certifies that it will comply with all applicable laws, regulations, and
rules of the Application.
WHEREAS, that the sources and uses, private investors, equity, and other financing commitments
represented in the attached document are accurate.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota
that the Mayor and City Clerk, or their successors in office, are hereby authorized to execute such
agreements, and amendments thereto, as are necessary to implement the project(s) on behalf of the
applicant.
ADOPTED this 17th day of August, 2021.
William H. Droste, Mayor
ATTEST:
Erin Fasbender, City Clerk