01-0370R

RESOLUTION OF INTENT TO CREATE OLD DOWNTOWN DEVELOPMENT FUND.

BY COUNCILOR HOGG:

        RESOLVED that the Duluth City Council hereby manifests its intent to create in the treasury of the city of Duluth a fund designated as the Old Downtown development fund for the purpose of funding the redevelopment of the Old Downtown district as designated in Resolution 99D-26 of the Duluth economic development authority.



STATEMENT OF PURPOSE:  The purpose of this resolution is to express the council's intent to create a special city fund entitled the Old Downtown development fund. Net proceeds from the expansion of the slot machine gaming operation at the Fond- du-Luth Casino would be paid into this fund, after reimbursing the general fund for the cost of the one hour free parking program for casino patrons. These funds would be used to finance completion of the redevelopment of the Old Downtown area, which generally includes the area from Lake Avenue to the Voyager Hotel between the freeway and First Alley. A map showing the actual area as approved by the DEDA board in designating Old Downtown is attached to the resolution.

For a more detailed explanation, see the statement of purpose attached to Resolution No. 01-0369.