Title
RESOLUTION AUTHORIZING A GRANT AND BRIDGE FUNDING AGREEMENT BETWEEN THE CITY OF DULUTH AND THE ARROWHEAD ZOOLOGICAL SOCIETY, INC.
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 Forest Discovery Zone Project ("Project") on or about March 26, 2014 ("Grant Agreement"), pursuant to which the Project will support the development of a forest discovery zone to create educational exhibits using animals and the environment; and
WHEREAS, the Society requested the City of Duluth ("City") provide and advance funds needed for Phase One of the Project ("Phase One"). The Society would re-pay a portion of 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 Grant and Bridge Funding Agreement, substantially in the form attached hereto as Exhibit 1, to provide: (a) a grant in the amount of Thirty-seven Thousand Five Hundred Dollars ($37,500) to cover the Grant Agreement's required match funds and (b) bridge funding to the Society in the amount of One Hundred Forty-eight Thousand Five Hundred Dollars ($148,500) to advance the remaining Grant Agreement funds.
FURTHER RESOLVED, that the proper city officials are hereby authorized to disburse Thirty-seven Thousand Five Hundred Dollars ($37,500) to pay for the Grant Agreement's required match funds, payable from Fund 452-030-5530 Project 1502 (Tourism & Recreational Projects, Finance, Improvements Other than Buildings, Fairmont Park/Zoo).
FURTHER RESOLVED, that the proper city officials are also hereby authorized to disburse bridge funding to the Society in...
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