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Approving the Saint Paul RiverCentre Convention and Visitors Authority 2017 Budget.
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WHEREAS, pursuant to authority granted in Laws of Minnesota 2005, Chapter 152, Article 1, Sections 1 and 38, (the "Special Law"), the City of Saint Paul, Minnesota, a municipal corporation (the "City"), entered into an agreement, made effective on October 1, 2005, and extended and amended by a second agreement made effective on January 1, 2009, and further extended and amended by a third agreement made effective on January 1, 2015 (the "Agreement"), with the Saint Paul RiverCentre Convention & Visitors Authority, a Minnesota non-profit corporation (the "RCVA"), whereby the City contracted with the RCVA to equip, maintain, manage, and operate all or a portion of those certain properties and facilities commonly known as the RiverCentre complex and to manage and operate a convention bureau to market and promote the City as a tourist or convention center; and
WHEREAS, Section 6.7 of the Agreement requires that the RCVA's "Approved Operating Budget and Approved Capital Budget shall be transmitted to the City Council as part of the City's annual budget approval process"; and
WHEREAS, Section 6.7 of the Agreement further provides that "[t]he City Council may modify the Approved Operating Budget and Approved Capital Budget only with respect to those amounts contained therein that are proposed to be financed by general revenues of the City or bond proceeds"; and
WHEREAS, on November 8, 2016, the RCVA Board of Directors adopted the 2017 RCVA budget, RCVA resolution #16-013, and transmitted said budgets of $10,329,006 for operating and $5,000,000 for capital (non-operating) to the City pursuant to Section 6.7 of the Agreement (see Attachment A); and
WHEREAS, the City of Saint Paul budgets for the RCVA's capital (non-operating) budget in the amount indicated on Attachment B;
NOW, THEREFORE, BE IT RESOLVED, that pursuant to Section 6.7 of the Agreement, the RCVA bud...
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