Title
RESOLUTION AUTHORIZING GRANT IN THE AMOUNT OF $150,000 TO THE 1200 FUND FOR SUBGRANT TO ALHAMBRA THEATRE
Body
WHEREAS, the 1200 Fund is empowered to work collaboratively with DEDA to accomplish the funding needed for the Alhambra Project in accordance with the outline attached hereto as Exhibit A (“Funding Outline”); and
RESOLVED, by the Duluth Economic Development Authority ("DEDA") that the proper DEDA officials are hereby authorized to grant to the 1200 Fund One Hundred and Fifty Thousand Dollars ($150,000) for disbursement to the Alhambra Theatre as subgrantee, pursuant to the grant agreement, Exhibit A, said sum to be payable from Fund 860.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution will make grant funds available to the Duluth 1200 Fund for assistance in renovating and equipping the Alhambra Theater to provide the opportunity for expansion of the art and entertainment industry in West Duluth.
The assistance requested by the Alhambra Theatre was $200,00 but Duluth 1200 Fund bylaws do not currently permit expenditures in that amount. DEDA will provide the funds to 1200 Fund through a grant with the Alhambra Theatre as the specified subrecipient of the grant funds. The 1200 Fund will contribute the additional $50,000 needed for the project.