Minot seeks leverage funds for flood program
Nov. 05, 2017
MINOT, N.D. (AP) — Minot is coming up short with its promised leverage funds for its National Disaster Resilience Program, but the program's manager says there's still time to catch up.
In its agreement with the Department of Housing and Urban Development, the city agreed to leverage almost $470 million for the program, the Minot Daily News reported.
Program manager John Zakian said Minot made the leverage offer when it submitted its application to the department on a project request for $191 million. The department awarded $74.3 million.
Zakian said that Minot had an opportunity to negotiate with the department to reduce the leverage requirement but didn't do so before signing the program agreement in June 2016.
The original leverage pledge included a $337 million city commitment over 30 years in support of the flood protection project.
"I am confident in 30 years the city would spend $337 million," Zakian told council members at a recent meeting. "The dilemma is when the city executed the grant agreement in June 2016 it was not spelled out that $337 million would be for 30 years."
Minot is seeking to verify that the payment will be over 30 years rather than the six years of the resilience program.
Zakian said overall the city's resilience program is on track to fulfill the $132 million leverage commitment from North Dakota, which includes funding for the flood protection project as well as acquisitions.
Information from: Minot Daily News, http://www.minotdailynews.com