Resolution direct the Mayor and City staff to fully execute and deliver the grant agreement per the terms set forth in the Destination Iowa Grant. 

Southwest Iowa Nonprofit for Collective Impact (SINC) and the City were awarded a Destination Iowa Grant for the River's Edge Development, Phase 4 project in the amount of $4,900,000.00.

The grant requires the complication of a compliance report in which it is demonstrated the terms of the grant are being fulfilled per the grant award.  This report requires the governing bodies of the grant applicants (in this case the City Council) adopt a resolution affirming the delivery and execution of the grant per the terms of the grant.

Such terms include the completion of quarterly reports (which have been completed thus far and submitted), requirements of documentation of invoices and pay applications when asking for a reimbursement (these have not yet been submitted as a reimbursement request has not yet been submitted),  and the completion of a compliance report demonstrating how the project has complied with the grant. 

We anticipate USACOE approval of our 408 permit at the end of August or early September.  Upon approval, we anticipate construction starting and the potential for reimbursement requests to be submitted to the State.  Given this milestone, the adoption of this resolution is timely and allows us to check off another requirement of the compliance report.