BY COUNCILOR HOGG:RESOLUTION APPROPRIATING NET PROCEEDS FROM THE EXPANSION OF SLOT MACHINE GAMING AT THE CASINO TO THE GENERAL FUND AND THE OLD DOWNTOWN DEVELOPMENT FUND.
RESOLVED that, commencing in the year 2002, a sum equal to the average,
per-machine net revenues of the slot machines located at the casino, paid
into the Community Investment Fund in any such year to said fund, times
200 machines shall be transferred to the following funds:
(a) To the General Fund, up to an amount each year which is equal to the cost to the city of operating the one hour free parking program to be contained in the agreement referred to in Resolution No. 01-0369 for that year;
(b) Commencing in the year 2002 and until the end of the year 2006, all amounts in excess of those transferred pursuant to Paragraph 1. of this resolution above in any year, to the Old Downtown Development Fund; and
RESOLVED FURTHER that this resolution shall be deemed to be effective only
in the event that the agreement described in Resolution No. 01-0369 between
the reservation business committee of the Fond du Lac Band of Lake Superior
Chippewa is entered into by the city prior to December 31, 2001, and if
such agreement is not so entered into before that date, this resolution
shall be deemed to null and void and of no further effect.
For a more detailed explanation, see the statement of purpose attached to Resolution No. 01-0369.
This resolution must be approved by a 7/9th vote of the council.