Title
RESOLUTION MAKING AVAILABLE $300,000 0F 2018 TOURISM TAX FUNDS PREVIOUSLY ASSIGNED TO FINANCE REHABILITATION OF THE MINNESOTA SLIP BRIDGE AND REAPPROPRIATING THAT $300,000 TO FINANCE TRANSPORT OF THE WILLIAM A. IRVIN IN AND OUT OF MINNESOTA SLIP.
Body
CITY PROPOSAL:
RESOLVED, that resolution 16-0836R as amended by resolution 17-0043R, authorizing an interfund loan for the Minnesota Slip Pedestrian Bridge retrofit project be amended to decrease the Tourism Tax Fund payment due in 2018 by $300,000 and extending the repayment term until 2022 and adjusting the final Tourism Tax Fund payment due by increasing it by $300,000.
BE IT FURTHER RESOLVED, that resolution 17-0877R, distributing the estimated 2018 hotel-motel and food and beverage tourism taxes, be modified by decreasing the Minnesota Slip Bridge appropriation by $300,000 and establishing a new appropriation in the amount of $300,000 for the City’s share of relocation costs for the William A. Irvin.
Statement of Purpose
STATEMENT OF PURPOSE: This is a companion resolution to resolution 18-0455 authorizing an agreement with the DECC for the temporary relocation of the William A. Irvin. The City has undertaken a project to, among other things, reconstruct a portion of the seawall within the Minnesota Slip (the “Reconstruction Project”). The William A. Irvin needs to be temporarily relocated from the Minnesota Slip during a portion of the Reconstruction Project, and the City and the DECC have agreed to jointly fund the costs associated with the movement of the William A. Irvin. The purpose of this resolution is to authorize the City’s financial obligations under the agreement authorized in Resolution 18-0455. Tourism tax funds in the amount of $300,000 previously designated in 2018 for Minnesota Slip Bridge loan repayment will be reallocated to William A. Irvin relocation costs which requires an extension of the Minnesota Slip Bridge interfund loan agreement until 2022.