BY COUNCILOR NESS:
RESOLVED, that the proper city officials are hereby authorized to enter into am amended and restated operating and revenue participation agreement, substantially in the form of that on file in the office of the city clerk as Public Document No. ____________, with the city of Duluth, Lake Superior Center, aka Great Lakes Aquarium, and the Lake Superior Center authority, which will amend City Contract No. C18364, dated June 1998.
FURTHER RESOLVED, that the city's approval is contingent upon the approval of the Minnesota department of administration and/or the Minnesota department of finance.
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the execution of an amended and restated operating and revenue participation agreement between the city, Lake Superior Center authority and the nonprofit corporation, Lake Superior Center, aka Great Lakes Aquarium.
In 2003, the city of Duluth received legislative approval to use excess tax collections from the 1/2 percent food and beverage and 1/2 percent hotel-motel tax to pay for the debt of the 1999 bonds. This amended agreement formalizes the intent of the city and allows for the Great Lakes Aquarium to decrease the liability to the city as the bonds are paid from the tourism taxes.
The amended and restated agreement will continue to give the city oversight of the operations and budgetary approval rights. It will also authorize the city to provide a cash management fund to assist in the management of cash flows of the operation, if needed.