DISCLAIMER

FINANCE COMMITTEE


08-0371R

 

RESOLUTION APPROVING A SPIRIT MOUNTAIN RECREATION AREA AUTHORITY LEASE PURCHASE AGREEMENT FOR RENTAL EQUIPMENT IN THE APPROXIMATE AMOUNT OF $317,500.

CITY PROPOSAL:

     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 rental equipment, including rental skis, rental boots and rental poles.

     RESOLVED, that the city council hereby approves the authority entering into a lease purchase agreement with Beacon Bank in the approximate amount of $317,500 for the purpose of replacing rental equipment.


FINANCE


STATEMENT OF PURPOSE:  This resolution approves the Sprit Mountain recreation area authority entering into a lease purchase agreement with Beacon Bank in the approximate amount of $317,500 for replacing rental equipment, including rental skis, rental boots and rental poles.