00-0579R

RESOLUTION GRATEFULLY ACCEPTING A GRANT OF $1,950,000 FROM THE JENO AND LOIS PAULUCCI FAMILY FOUNDATION, AND A GRANT OF $500,000 FROM JENO F. PAULUCCI AND LOIS M. PAULUCCI, AND A GRANT OF $500,000 FROM REPUBLIC BANK, INC., FOR CONSTRUCTION OF BAYFRONT FESTIVAL PARK, AUTHORIZING THREE GRANT AGREEMENTS AND DEPOSIT OF MONEY IN BAYFRONT FESTIVAL PARK CONSTRUCTION ACCOUNT.

BY COUNCILOR NESS:

BE IT RESOLVED, that the city of Duluth, on behalf of all of its citizens, gratefully accepts the grant of $1,950,000 from the Jeno and Lois Paulucci Family Foundation, and a grant of $500,000 from Jeno F. Paulucci and Lois M. Paulucci, and a grant of $500,000 from Republic Bank, Inc., all for the construction and financing of a portion of Bayfront Park Festival Park; and authorizes the proper city officials to execute and implement the three grant agreements on file with the city clerk as Public Document No. ______________; grant funds to be deposited in Bayfront Festival Park construction account within the Capital Improvement Fund 450, Agency 015, Org. 1999, and used in accordance with the grant agreements; and authorizes the proper city officials to give appropriate notice of gratitude and appreciation for the gift to the Paulucci family.


STATEMENT OF PURPOSE:  This resolution accepts three gifts from the Paulucci family for the purpose of helping finance the Bayfront Festival Park.  It authorizes implementation of three grant agreements which provide for payment in installments and sets out the grant limitations.  The major limitations are that the festival park be constructed, that construction is expected to begin in 2000 and be completed in 2001, and that the grants be used to finance the planning, design, equipping and construction, which will be done through issuance of city bonds.  The resolution also provides for expression of gratitude for the three gifts.