Title
RESOLUTION AUTHORIZING A FIRST AMENDMENT TO THE BRIDGE FUNDING AGREEMENT BETWEEN THE CITY OF DULUTH AND THE ARROWHEAD ZOOLOGICAL SOCIETY, INC. FOR 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 which will support the development of educational exhibits using animals and the environment; and
WHEREAS, on or about June 11, 2016, the city of Duluth ("City") and the Arrowhead Zoological Society, Inc. ("Society") entered into a Bridge Funding Agreement whereby the City advanced funds ("Bridge Funds") needed for the design-focused Phase One of the Project ("Phase One") and the Society repaid the Bridge Funds after receiving reimbursement from the State of Minnesota; and
WHEREAS, the final costs of Phase One were in excess of the Bridge Funds by Twenty Thousand Three Hundred Fifty and 95/100ths Dollars ($20,350.95); and
WHEREAS, the City desires to provide a grant of funds to pay for the remaining costs of Phase One.
NOW, THEREFORE, BE IT RESOLVED, that the proper city officials are hereby authorized to execute a First Amendment to Bridge Funding Agreement, substantially in the form attached hereto as Exhibit A, to provide a grant of funds to the Society in the amount of Twenty Thousand Three Hundred Fifty and 95/100ths Dollars ($20,350.95).
FURTHER RESOLVED, that the proper city officials are also hereby authorized to disburse funds to the Society in the amount of Twenty Thousand Three Hundred Fifty and 95/100ths Dollars ($20,350.95) for Phase One, payable from Fund 452-030-5530 Project 1502 (Tourism & Recreational Projects, Finance, Improvements Other than Buildings, Fairmont Park/Zoo).
Statement of Purpose
STATEMENT OF PURPOSE: The City of Duluth and the Arrowhead Zoological Society entered into ...
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