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.
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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 amount of One Hundred Forty-four Thousand Seven Hundred Ninety-five and no/100ths Dollars ($144,795.00) to advance the Grant Agreement funds (“Bridge Funds”). The Society will re-pay the Bridge Funds to the City after the Society receives a reimbursement from the State of the Minnesota.
The funds advanced to the Society under the Bridge Funding Agreement are to be used solely for the purpose of completing Phase One of the Bear Country Project (“Project”). Phase One will conduct professional design services through the completion of design documents. Phase Two, which is construction of the Bear County Exhibit, will be completed at a later date and after funding has been identified and obtained.
The Project will create educational exhibits using animals and the environment within a portion of the area of land that is currently the former Polar Shores facility. The Project will utilize some of the existing structure by renovating it to meet or exceed current animal standards set by the Association of Zoo and Aquariums for brown bears. The Project will offer our community and visitors from around the region a new and exciting way to learn about animals, natural ecosystems, and conservation. The exhibit will have several viewing areas that provide the visitors with opportunities to observe the bears as they eat and sleep, as well interact with each other. The Project and its phases are further described in an exhibit at the end of the attached Bridge Funding Agreement.