06-473Council File # 3
Green Sheet #�D ^ (o S
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RESOLUTION
�INT PAUL, MINNESOTA
Presented
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RADISSON CITY CENTER HOTEL MORAL OBLIGATION ACCOUNT
Current
Budeet Chan2es
0 236,443
0 308,200
0 0
0 544.643
0 308,200
0 236,443
0 0
WHEREAS, in March 2006 the Port Authority sold the two Radisson hotel to Tnnity Properties for $44.8 million;
and
WHEREAS, a City Reserve created in 1996, called the Moral Obligarion Account, was requ�red while there was
debt outstanding on the Port's Crty Center Radisson and that debt has been retired as part of the March sale; and
VJHEREAS, City Council Resolution 03-575 authorized the City and HRA enter mto the Amended and Restated
Radisson City Center Moral Obhgarion Aa eement with the Port Authority and CCP; and
WHEREAS, the Amended and Restated Radisson City Center Moral Obligarion Agreement states that at the end of
the Agreement the reserve fund shall be divided equally and one-half remitted to each the City and the HRA for use
at the direction of'the Ciry Council and FiRA Board, respectively, for property tax relief ar economic development:
THEREFORE, BE IT RESO[.vED, the Mayor, pursuant to Sea 1 Q.07.01 of the City Charter, recommends the
following changes to the 2006 budget:
FINANCING PLAN: General Debt Service Fund
GL 960 89964 9830 Use of Fund Balance
GL 960 89955 7499 Intra Fund Transfer In
All Other Fund Financing
SPENDING PLA1v: General Debt Service Fund
GL 960 89964 0799 Interfund Transfer Out
GL 960 89964 0�66 Transfer to Fund 117
All Other Fund Spending
0 544.643
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Requested by Depar�nent of:
Office of Financia] Services
Aclopted by l;ouncil: llate f' /` o
Adoprion Ceirified by Couucil Secretary
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By: �
Approved b a Da -S Z' p/�
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Amended
Bud et
236,443
308,200
0
544.643
308,200
236,443
0
544 43
�
Foim Approved by City Attorney
BY �i bA- �- �� ,�1��
Form iove b��iayor for Submiss n to Council
I
By:
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� Green, Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
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Departrnenlloffice/councif: DateMitiated: -
�: FS 'EinanrialSen�ices �AY�- � Green Sheet NO: 3
ContactPerson 8 Phone:
Debartment Sent7oPerson Initial/Date
� ; Todd P, HUAey - 0 Financial Sen�ices �
' 6-883� A55ign 1 Financiat Sen'ices Denartment Director
. Must Be on Council Agenda by (Datej: Number �
°' 7bMAY-O6 FinaraiatSer�'ices O�ceFinancialSeni
�' �� :3 Ch' Atto[ e' C h� Atto[ __�]�_
; Routing
'� Order ' 4� p4avor's Office Macor/ASSistanf
.- ContractType: ty � P "���� Council � C�tvCouncil
I AR-RESOLU710N W/$ 7R,4NSACiION 6 �Ctv CI k C'tv CI k
Total tt of Signature Pages _(Clip All Locations for Signature)
Action Requested:
Signatures on the attached Aesolution granting desposition of the Radisson City Centei Aotel Moral Obligation Account.
Recommendations: Appro�e (A) or Reject (R):
Planning Gommission
CiB Committee
Qv�l Sennce Commission
CosURevenue Budgeted:
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): i
Port Authoriry sold two downtown Radisson Hotels According to the unended and xesTated Radisson City Centex Moral Obhgatiou �
Agreement the reszrve fund shall be divided equally betweeu the clty and HRA. I'his resolution amends the budget to provide i
authoriry to do so. , i
. I
Advantages If Approved:
The reserve wi1L be freed up and realLocated according to the ageeement.
'�, DisadvantageslfApD�oved:
� None
� DisadvantageslfNotApproved:
i The reserve will oot be freed up.
TotalAmountof $r�4,6<13
, Transaction:
,, FundingSource:
Fina n c ia l Information:
_ , _ , (Explain)
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�h?J��4, 2QOf_a 5:55 PM _ ,
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Personal Service Contracts MustAnswerthe Following Questions:
1. Has this persoNfirm eeer worked under a contract for this department?
Yes No
2. Has th�s personlfirm e�er been a city employee?
Yes No
3. Does this person/5rm possess a skill not normally possessed by any
current cRy employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet
Activiry Nomber. 960-89964
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