Title
RESOLUTION APPROPRIATING $200,000 TO THE GREAT LAKES AQUARIUM TOWARDS THE CONSTRUCTION OF A NEW EXHIBIT - THE AMAZING WORLD OF THE UNSALTED SEAS.
Body
CITY PROPOSAL:
WHEREAS; the city council approved $360,000 as an operating subsidy to Great Lakes Aquarium in resolution 15-0791R passed on November 23, 2015 that appropriated the estimated 2016 hotel-motel and food and beverage tourism taxes.
WHEREAS; tourism tax collections for the year 2015 have significantly exceeded budget estimates and are available to assist with the construction costs of the proposed exhibit.
RESOLVED, that the proper city officials are authorized to increase the appropriation to Great Lakes Aquarium by $200,000 from tourism tax fund balance to provide a match towards the funding for the construction of The Amazing World of the Unsalted Seas exhibit.
FURTHER RESOLVED, that the proper city officials are hereby authorized to enter into an agreement substantially in the form of Exhibit A in an amount not to exceed $560,000 comprised of $360,000 for operating assistance and $200,000 for the construction of the amazing world of the unsalted seas exhibit.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution allocates $200,000 from excess tourism tax collections. Tourism tax collections in 2015 have significantly surpassed budget estimates. The exhibit cost estimate is $726,500 with $276,500 coming from GLA and other sources, $250,000 from the State of Minnesota, and $200,000 from city tourism tax collections.