Title
RESOLUTION AUTHORIZING A BRIDGE FUNDING AGREEMENT BETWEEN THE CITY OF DULUTH AND THE ARROWHEAD ZOOLOGICAL SOCIETY, INC. FOR PHASE ONE OF THE BEAR COUNTRY PROJECT.
Body
CITY PROPOSAL:
WHEREAS, the Arrowhead Zoological Society, Inc. ("Society") entered into an Arts and Cultural Heritage Fund Construction Grant Agreement with the state of Minnesota for the Bear County Project ("Project") on or about May 9, 2016 ("Grant Agreement"), pursuant to which the Project will support the development of educational exhibits using animals and the environment; and
WHEREAS, the Society requested the city of Duluth ("City") advance funds needed for Phase One of the Project ("Phase One"). Phase One will conduct professional design services through the completion of design documents. The Society would re-pay the funds to the City after it receives a reimbursement from the state of Minnesota; and
WHEREAS, the City recognizes the importance of the Project and desires to enter an agreement with the Society to allow for the completion of Phase One.
NOW, THEREFORE, BE IT RESOLVED, that the proper city officials are hereby authorized to execute a Bridge Funding Agreement, substantially in the form attached hereto as Exhibit 1, to provide bridge funding to the Society in the amount of One Hundred Forty-four Thousand Seven Hundred Ninety-five and no/100ths Dollars ($144,795.00).
FURTHER RESOLVED, that the proper city officials are also hereby authorized to disburse bridge funding to the Society in the amount of One Hundred Forty-four Thousand Seven Hundred Ninety-five and no/100ths Dollars ($144,795.00) to advance the Grant Agreement funds, payable from Fund 200-1330 (Zoo Fund, Loans Receivable).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the City of Duluth ("City") to enter into a Bridge Funding Agreement with the Arrowhead Zoological Society, Inc. ("Society") to provide bridge funding to the Society in the amou...
Click here for full text