Title
RESOLUTION AUTHORIZING AN AGREEMENT WITH THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY (DEDA) TO INSURE CERTAIN DEDA PROPERTY UNDER THE CITY’S PROPERTY AND BOILER INSURANCE POLICIES.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to execute an agreement with the Duluth economic development authority (DEDA), substantially in the form of that attached Agreement, on file in the office of the city clerk, pursuant to which certain DEDA property will be insured under the city’s property and boiler insurance policies for the period from February 16, 2016 to February 16, 2017, and for which DEDA shall reimburse the city in the amount of $16,480, to be deposited in Fund 610 (self-insurance liabilities), Agency 036 (insurance accounts), Organization 1656 (insurance DEDA), Object 4904 (liability insurance charges).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the execution of an agreement with DEDA pursuant to which DEDA-owned buildings will be insured under the City’s property and boiler insurance policies which will provide property insurance for DEDA’s property at a cost which will represent a substantial savings to DEDA. The City has a blanket property policy with a $100,000 deductible. DEDA will pay the City $16,480 for the additional coverage. The buildings being insured are the MRO Building, the Temple Opera Building, the NorShor Annex and the NorShor Theatre.