HomeMy WebLinkAbout2022-021 CCR Member Graves introduced the following resolution and moved its adoption:
RESOLUTION NO. 2022-21
RESOLUTION AUTHORIZING APPLICATION TO MINNESOTA
MANAGEMENT AND BUDGET FOR $40,000,000 IN STATE OF
MINNESOTA GENERAL OBLIGATION BONDS PROCEEDS FOR THE
COMMUNITY WEALTH CREATION THROUGH ACQUISITION PROGRAM
WHEREAS, ACER INC and the Cities of Brooklyn Park and Brooklyn Center have
increasingly been interested and committed to the work of economic inclusion, community ownership
of land as a wealth-building strategy, and anti-displacement/anti-gentrification.; and
WHEREAS, ACER INC has requested for the City of Brooklyn Park and the City of
Brooklyn Center to partner with ACER to prepare and support to fruition acquisition and development
of BIPOC Economic Hub projects for the General Obligation Bonding process.; and
WHEREAS, the City of Brooklyn Center finds that there is a high need for economic
development funding to support wealth creation within BIPOC business communities throughout the
region, and in particular the City of Brooklyn Center, and that the goals of the program and use of the
funds are in alignment with the City's strategic priorities and goals; and
WHEREAS,the Community Wealth Creation through Acquisition Program would seek
to be funded with $40 million in General Obligation Bonds from the State of Minnesota and would use
the funds to support the establishment of up to 6 BIPOC Economic Hubs located across both cities; and
WHEREAS, these investments will result in the direct support of over two hundred
businesses and 500 families by converting several commercial properties to small business hubs and
eventually selling them to community and/or co-op ownership. This investment will provide a
mechanism of anti-gentrification which will trigger the opportunities for long-term community
ownership of land and property; and
WHEREAS, ACER has identified six pilot sites in the cities of Brooklyn Center and
Brooklyn Park, and these sites have been selected based on their location, access to transit, and
concentration of BIPOC-owned businesses; and
WHEREAS, the Project is estimated to cost approximately $40,000,000, plus an
amount equal to interest on and the costs of issuance of any bonds; and
WHEREAS, the impact of the BIPOC Economic Hubs will focus on providing a
holistic response to the great needs articulated by microbusiness owners in our communities. The
incubators will:
• Provide needed conducive, right-sized commercial space that is currently lacking for
businesses to operate today
• Provide affordable and sustainable commercial space
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RESOLUTION NO. 2022-21
• Provide continued technical assistance and training to ensure the sustenance and
long-term success of the businesses
• Create a pathway for future cooperative ownership by the community on those sites
that are purchases
• Establish a pathway for generational wealth creation that is lacking in communities of
color
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn
Center, Minnesota request funding support in the 2022 Minnesota State Bonding for the purpose of
establishing and implementing the Community Wealth Creation through Acquisition program.
Approved by the City Council of the City of Brooklyn Center, Minnesota this 24th day of
January, 2022.
CITY OF BROOKLYN CENTER, MINNESOTA
1/Air A
MaA
Attest:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Lawrence-Anderson
and upon vote being taken thereon,the following voted in favor thereof:
Butler, Graves, Lawrence-Anderson
and the following voted against the same: None.
whereupon said resolution was declared duly passed and adopted.
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