Title
RESOLUTION SUPPORTING EXTENSION OF AN EXISTING ONE-HALF-OF-ONE-PERCENT INCREMENT IN THE CITY OF DULUTH FOOD AND BEVERAGE TAX AND THE CITY OF DULUTH LODGING TAX FOR THE PURPOSE OF FUNDING UP TO $36 MILLION IN CAPITAL IMPROVEMENTS TO PARKS-BASED PUBLIC ATHLETIC FACILITIES IN SUPPORT OF SPORTS TOURISM AND QUALITY OF LIFE IN NORTHEAST MINNESOTA.
Body
CITY PROPOSAL:
BE IT RESOLVED, that the City Council of the City of Duluth supports extension of an existing one-half-of-one-percent increment in the City of Duluth food and beverage tax and the City of Duluth lodging tax effective January 1, 2025 for the purpose of funding up to $36 million in capital improvements to parks-based public athletic facilities in support of sports tourism and quality of life in northeast Minnesota; and
BE IT FURTHER RESOLVED, that the City Council of the City of Duluth supports the authority to continue imposing an existing one-half-of-one-percent increment in the City of Duluth food and beverage tax and the City of Duluth lodging tax for a period of 30 years from the date of issuance or until the taxes have produced revenues sufficient to pay the debt service on bonds in a principal amount of no more than $36 million, plus issuance and discount costs.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the City Council's support for the legislature to authorize extension of an existing one-half-of-one-percent increment in both the City of Duluth food and beverage tax and the City of Duluth lodging tax for the purpose of funding up to $36 million in capital improvements to parks-based public athletic facilities in support of sports tourism and enhanced quality of life.
The resolution specifies City Council's support to extend this existing tax for an additional period of 30 years from the date of issuance or until the tax has produced revenues sufficient to pay the debt service on bonds in a principal amount of no more than $36 million, plus issuance and disc...
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