Title
RESOLUTION AUTHORIZING GRANT TO SPIRIT MOUNTAIN RECREATION AREA AUTHORITY FOR OPERATIONS.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to grant to the Spirit Mountain Recreation Area Authority, in one or more transactions and as each transaction is approved by the Chief Administrative Officer, a total amount of not to exceed $300,000 to fund necessary operating expenses of the Authority, said amounts to be payable from Fund 258-030 (Tourism Taxes, Finance).
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the CAO to approve one or more grants to Spirit Mountain on an as-needed basis to cover shortfalls in revenue needed for the continued operation of the facility on an interim basis. Funds granted pursuant to this authorization are intended to assist the Authority by carrying it over until revenues from this season’s skiing operations become available.
This assistance is in furtherance of implementation of the City’s and the Authority’s long-term plan to bring stability to the Authority’s operations and finances.