DISCLAIMER

 

08-0067R


RESOLUTION AUTHORIZING DULUTH AIRPORT AUTHORITY TO PROPOSE TO U.S. ECONOMIC DEVELOPMENT ADMINISTRATION THAT THE LOCAL MATCH FOR A GRANT BE PROVIDED BY BONDING AND INTENT TO BOND $250,000.

BY COUNCILOR ANDERSON:

     RESOLVED, that, subject to the requirements of law, including Laws of Minnesota, 1969, Chapter 577, Section 9, the proper officials are authorized to propose in a grant application to U.S. economic development administration for the Duluth International Airport North Business Development Area($1,431,033) that the required local matching funds, up to $250,000, be provided by a bond secured by pledged Duluth Airport Authority revenues and, if necessary, full faith and credit of city of Duluth and it is the intent of this body that the required local matching funds be so provided should the grant and the project be undertaken.


STATEMENT OF PURPOSE:  This resolution expresses the intent to bond for matching funds for an EDA grant to construct infrastructure for business expansion at the airport. The money will come from airport revenues pledged for this purpose, so there is no cost to the city.