05-0398R


RESOLUTION APPROVING A SPIRIT MOUNTAIN RECREATION AREA AUTHORITY LEASE PURCHASE AGREEMENT FOR GROOMERS IN THE APPROXIMATE AMOUNT OF $380,545.

BY COUNCILOR REINERT:

     WHEREAS, the use and management agreement between the city of Duluth, Minnesota (the city), and Spirit Mountain recreation area authority (the authority), dated as of March 28, 2003, provides that the authority shall not enter into any lease purchase agreement without the written approval of the city council; and

     WHEREAS, the authority proposes to enter into a lease purchase agreement for the purchase of a new groomer and to refinance an existing groomer.

     RESOLVED, that the city council hereby approves the authority entering into a lease purchase agreement with Western National Bank in the approximate amount of $380,545 for the purpose of replacing an existing groomer tractor and refinancing an existing groomer tractor.


STATEMENT OF PURPOSE:  This resolution approves the Sprit Mountain recreation area authority entering into a lease purchase agreement with Western National Bank in the approximate amount of $380,545 for replacing an existing groomer tractor and refinancing an existing groomer tractor.

 

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