01-0317R

RESOLUTION AUTHORIZING AN $85,000 LOAN TO THE ST. LOUIS COUNTY HERITAGE AND ARTS CENTER.

BY COUNCILOR HOGG:

        RESOLVED, hat the proper city officers are hereby authorized to make a loan of $85,000 to the St. Louis County Heritage and Arts Center to be used for the Depot's historic roof and window project.

        RESOLVED FURTHER, that said loan shall be for a term of five years at an annual interest rate of 5.5% and shall be drawn from Tourism Tax Fund 0258.



STATEMENT OF PURPOSE:  This resolution authorizes an $85,000 loan to the St. Louis County Heritage and Arts Center to cover a temporary funding shortfall in the Depot's current historic roof and window project. The loan would be for a five year period at an annual rate of 5.5% with monthly payments being made at approximately $1,625 per month. The St. Louis County Heritage and Arts Center can repay the loan at any time without penalty.  The funding problem encountered for the project and the reason the loan is needed is documented in the letter from the executive director of the Depot to Mayor Doty.