BY COUNCILOR HOGG:
RESOLUTION OF INTENT TO CREATE
OLD DOWNTOWN DEVELOPMENT FUND.
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
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.