Adopt Resolution #15-04-106 Accepting Grant Award from the Metropolitan Council for Sunwood Village in the Amount of $780,000 and approving Grant Agreement; Case of CommonBond Communities

In 2014, the City received two (2) grant awards totaling $780,000 to assist with the development of Sunwood Village, a proposed 47-unit apartment building located along the south side of Sunwood Drive in The COR. The grant award is to be utilized for site acquisition, construction of an underground stormwater system, and the promotion of affordable housing.

Alternative #1. Accept the Grant Award as presented. The City Council previously approved the submittal of the Grant Application. Now that the grant has been awarded, the City shall accept the grant.

Alternative #2. Do not accept the Grant Award as presented. The site is being sold by the City to CommonBond Communities. This award was contemplated in the Project Pro-Forma which led to the current Purchase Agreement. By not accepting the award, it is unlikely that the project will move forward without additional assistance, according to the Project Pro Forma.

The Grant Award is funded by the Livable Communities Program of the Metropolitan Council.

Staff recommends approval of the Grant Agreement.

Motion to adopt Resolution #15-04-106 Accepting Grant Award from the Metropolitan Council for Sunwood Village in the Amount of $780,000 and approving Grant Agreement