Title
Approving acceptance of Minnesota China Friendship Garden Society funds for the St. Paul - Changsha China Friendship Garden project; amending the financing and spending budget for the Department of Parks and Recreation and City Internal Loan Fund in the amount of $345,922.09 for the project; and approving an internal loan.
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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 received $880,000 from the Society for the St. Paul - Changsha China Friendship Garden project (the “Project”); and
WHEREAS, additional funds are needed to complete the Project and the Minnesota China Friendship Garden Society plans to contribute an additional $345,922.09; and
WHEREAS, the Society will provide $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 $240,000.00 (the “Loan”); and
WHEREAS, the Society will pledge its future contributions to repay the Loan for the Project, execute a Note and required security documents with the City of Saint Paul; and
WHEREAS, the City of Saint Paul, Department of Parks and Recreation wishes to accept said $345,922.09 from the Minnesota China Garden Friendship Society to fund the Project and to repay the Loan for the Project as anticipated in the draft repayment schedule attached; 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 Cultural wall sculpture, and the West Entrance Archway; and
WHEREAS, it is the desire of the Department of Parks and Recreation to accept the funds and to amend the financing and spending budget for the project and enter into an Internal Loan agreement, in the ...
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