From
Marty Wieder, Economic Development Director
Title
Resolution amending Resolution 5084-2020 in support of the United States Department of Commerce Economic Development Administration Grant Application for the Main Street Jefferson Roundabout in the amount of $4,275,612.47
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
The CARES Act allocated additional funds toward the U.S. Department of Commerce Economic Development Administration grants program to assist communities with being sustainable and responsive to COVID-19 and potential future pandemics.
Grand Prairie recognizes that its existing and future economy may be enhanced with the roundabout designed for the interchange of Main Street and Jefferson, helping redirect truck traffic and foster redevelopment projects near the former Naval Base at Grand Prairie’s eastern edge-and potentially leading to major new employment.
The project is located in Tax Increment Reinvestment Zone #1, Area Development Zone #3 and therefore qualifies for matching grant support. Moreover, it is adjacent to two Opportunity Zones. The roundabout improvements total $4,275,612.47, and the City would be responsible for a 20% match of $855,122.49.
Council approved the original resolution in support of this grant on June 2, 2020 with an incorrect amount of $5,021,984.86.
Financial Consideration
Total Project Cost - $4,275,612.47
Body
RESOLUTION AMENDING RESOLUTION 5084-2020 OF THE CITY OF GRAND PRAIRIE, TEXAS, IN SUPPORT OF UNITED STATES DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION GRANT APPLICATION FOR THE MAIN STREET JEFFERSON ROUNDABOUT
Whereas, the CARES Act allocated additional funds toward the U.S. Department of Commerce Economic Development Administration grants program to assist communities with being sustainable and responsive to COVID-19 and potential future pandemics; and
Whereas, the City of Grand Prairie recognizes that its existing and ...
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