BY COUNCILOR STENBERG:01-0253R
RESOLUTION APPROVING DEDA AGREEMENT WITH ERIC AND DEBBIE RINGSRED AND THEATER IN THE STATE, INC. FOR THE PURCHASE OF THE TEMPLE OPERA BLOCK BUILDINGS, PURSUANT TO DEDA RESOLUTION 01D-25
RESOLVED, that pursuant to Resolution No. 99-0239, the agreement between
the Duluth economic development authority (DEDA) and Eric and Debbie Ringsred
and Theater in the State, Inc., as their interests shall appear, for the
purchase of the Temple Opera Building, the Norshor Theater Building and
the Norshor Annex Building in the amount of $1,155,000, payable from DEDA
Fund 0865, District No. 2, plus the forgiveness of an outstanding Storefront
Program loan in the amount of $31,196.74, all as approved by the DEDA board
at its meeting of March 23, 2001, pursuant to DEDA Resolution No. 01D-25,
a copy of which is on file in the office of the city clerk as Document
No. _________________, is hereby approved.
As part of this agreement, DEDA will also agree to forgive the outstanding balance on an old Storefront Program loan made for improvements to the buildings of about $31,000. In addition, the sellers will use their best efforts to secure the transfer of a liquor licence issued to Theater in the State, Inc. and used on the premises to DEDA.