Title
Accepting Minnesota China Friendship Garden Society funds for the St. Paul - Changsha China Friendship Garden project; authorizing an Internal Loan in an amount up $250,000; and amending the financing and spending budget for the City Internal Loan Fund.
Body
WHEREAS, the actions contained herein were previously before this Council on June 5, 2019, and approved under RES PH 19-161; and
WHEREAS, the present resolution amends and corrects the actions taken under RES PH 19-161, together with its attachments, which contained incomplete budget information; and
WHEREAS, the Minnesota China Friendship Garden Society (the “Society”), has been actively fundraising since 2010 for construction of a cultural garden in Phalen Regional Park; and
WHEREAS, the City of Saint Paul, Department of Parks and Recreation, has accepted $780,000 from the Society for the Saint Paul - Changsha China Friendship Garden project, (the “Project”); and
WHEREAS, additional funds were needed to complete the Project and the Minnesota China Friendship Garden Society pledged an additional $345,922.09; and
WHEREAS, the Society provided $105,922.09 of contributions on hand and the City of Saint Paul will make an advance from the Internal Loan Fund to provide the additional amount up to $250,000.00 (the “Loan”); and
WHEREAS, the Society will pledge its future contributions to repay the Loan for the Project, execute a Note, and other required security documents with the City of Saint Paul; and
WHEREAS, the City of Saint Paul, Department of Parks and Recreation, previously accepted said $345,922.09 from the Minnesota China Garden Friendship Society to fund the Project and to repay the Loan for the Project; and
WHEREAS, this project positively impacts Phalen Regional Park and the City of Saint Paul with the installation of the Xiang Jiang Pavilion (a replica of Changsha’s famous Aiwan Pavilion), the Hmong Embroidery wall sculpture, and the West Entrance Arch; and
WHEREAS...
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