Title
RESOLUTION AMENDING RESOLUTION 16-0836R, AUTHORIZING AN INTERFUND LOAN TO PARTIALLY FINANCE THE REHABILITATION OF THE MINNESOTA SLIP BRIDGE, INCREASING THE INTERFUND LOAN BY $200,000 FOR A NEW TOTAL NOT TO EXCEEED $2,200,000.
Body
CITY PROPOSAL:
RESOLVED, that resolution 16-0836R, authorizing an interfund loan for the Minnesota Slip Pedestrian Bridge retrofit project be amended to increase the authorized loan amount by $200,000.00 for a new total not to exceed of $2,200,000.00. The interfund loan shall be repaid in four equal installments from tourism tax collections in the years 2018 through 2021 without interest from Fund 258, Tourism Tax Fund.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution amends resolution 16-0836R to increase the interfund loan amount for the Minnesota Slip Pedestrian Bridge retrofit project by $200,000.00 for a new total loan amount not to exceed of $2,200,000.00. The additional funds are needed to pay unanticipated professional design costs required to correct newly identified structural deficiencies that were discovered during the retrofit design and to provide professional construction inspection services for the project. The new loan amount of $2,200,000 will be repaid in four equal installments from tourism tax collections to be collected in the years 2018 through 2021.