15-11047r RESOLUTION NO. 11047
AUTHORIZING $641,454 INTERNAL LOAN TO FUND THE CONSTRUCTION OF A
LOCKER ROOM AT THE CITY'S ICE ARENA
WHEREAS, the City Charter allows for the City Council to make internal loans by
resolution; and
WHEREAS, the City Council has approved the locker room project undertaken at
the City's Ice Arena, and
WHEREAS, the funding of the project will be from an internal loan from the City's
Communication Fund, and
WHEREAS, repayment of the internal loan will be provided by annual rental
payments for the use of the locker room by the Minnesota Magicians, and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
1. The City Manager is authorized to execute an internal loan from the City's
Communication Fund to the Ice Arena operation to fund the construction of the new
locker room.
2. The term of the loan will be fifteen (15) years in the amount of$641,454 at 0%
interest.
3. The internal loan will be effective as of December 31, 2014.
Adopted by the City Council of the City of Richfield, Minnesota this 27th day of
January, 2015.
/1/
Debbie Goettel, Mayor
ATTEST:
i\ (1 a
Elizabeth VanHoose, City Clerk