ACTION REQUESTED:
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Communication from the City Manager and Economic Development Department with a Request to APPROVE a RESOLUTION of Proposed Funding Match in the Amount of $432,000.00, to Meet the Application Matching Fund Requirements for the U.S. Economic Development Administration (EDA) COMPETITIVE TOURISM GRANT, with a Submission Deadline of January 31, 2022.
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BACKGROUND: Through the Travel, Tourism & Outdoor Recreation program, EDA is focused on accelerating the recovery of communities that rely on the travel, tourism and outdoor recreation sectors. $750 million of EDA's American Rescue Plan funds are allocated to support the following efforts:
* State Tourism Grants: $510 million in non-competitive awards to help states quickly invest in marketing, infrastructure, workforce and other projects to rejuvenate safe leisure, business and international travel.
* Competitive Grants: $240 million to help communities that have been hardest hit by challenges facing the travel, tourism and outdoor recreation sectors to invest in infrastructure, workforce or other projects to support the recovery of the industry and economic resilience of the community in the future.
The City is in the process of preparing an application for Competitive Grant proposing the reopening of Fulton Plaza Connecting the Peoria Civic Center, Peoria Riverfront Museum, and the Peoria Riverfront enhancing the walkability of the city along its most valuable assets in tourism and both indoor and outdoor recreation. The grant application would request funding of approximately $2,160,000. Twenty percent of funding would be required to be provided in the form of matching funds from the city.
This Resolutions will be included in the application packet as a demonstration of available matching funding. The application submission will be made by the January 31, 2022 deadline.
FINANCIAL IMPACT: No funds must be allocated now, but if the projects are awarded then funds must be allocate...
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