HomeMy WebLinkAbout2005-40-01/18/2005 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2005-40
RESOLUTION SUPPORTING SUBMISSION OF AN
APPLICATION FOR COMMUNITY ATTRACTION AND
TOURISM (CAT) PROGRAM FUNDING FOR THE
NATIONAL CATTLE CONGRESS AND RESCINDING
RESOLUTION NO. 2002-701 IN ITS ENTIRETY.
WHEREAS, funding assistance is available to projects through
the Community Attraction and Tourism Program (CAT) , and the
National Cattle Congress is in need of such assistance in order
to fully implement all phases of its project which totals
$6, 195, 320 . 00; and
WHEREAS, without the Community Attraction and Tourism
Program (CAT) funding the National Cattle Congress would not be
able to fully finance the construction of its project, and
possibly damage the chances of the overall project as all the
different components rely upon each other for success; and
WHEREAS, it is necessary to obtain said grant from the
Community Attraction and Tourism Program (CAT) funds in order to
complete said project; and
WHEREAS, contingent upon the receipt of Community Attraction
and Tourism Program (CAT) funding, the City of Waterloo endorses
said project and commits funding for its match for the completion
of the projects for which Community Attraction and Tourism
Program (CAT) funding is received; and
WHEREAS, the City of Waterloo is pleased to reaffirm its
support for the National Cattle Congress renovation project; and
WHEREAS, the National Cattle Congress is one of Waterloo' s
historic institutions, and is a part of the City' s heritage; and
WHEREAS, the City of Waterloo' s support remains aligned and
equivalent to the commitment made by Resolution No. 2002-701,
dated December 2, 2002; and
WHEREAS, the City of Waterloo will continue to support the
National Cattle Congress renovation project at the same ratio if
the National Cattle Congress proceeds toward the December 2, 2002
project plan, but contingent on the availability of City funds to
do so; and
WHEREAS, the City of Waterloo will place a three (3) year
deadline on said commitment, and will require renegotiation of
funding after three (3) years; and
WHEREAS, the City' s financial support is contingent on the
National Cattle Congress receipt of Community Attraction and
Tourism Program funds .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that with the assistance of Community
Attraction and Tourism Program funding, the National Cattle
Congress renovation project of $6, 195, 320 . 00 will be completed
through the City of Waterloo ' s match of $800, 000 . 00 (12 . 9%) , with
the City of Waterloo' s total cost including interest being
$984, 312 . 00 .
cR1 s61ution No. 2005-40
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HE IT FURTHER RESOLVED, that the City of Waterloo' s match is
k regent upon the National Cattle Congress receiving a
M.TrOunity Attraction and Tourism Program (CAT) grant .
F+ H E-+
-_-":) bricItIE IT FURTHER RESOLVED, that the City of Waterloo' s match
N n1,9 0be paid proportionally and at mutually agreeable times
o cd rg the National Cattle Congress renovation project .
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H off trBE IT FURTHER RESOLVED, that the National Cattle Congress
o cethe City of Waterloo will complete a project development
s ` ement before City of Waterloo' s matching funds will be
fL ased.
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o '-` j BE IT FURTHER RESOLVED, that Resolution No. 2002-701, be,
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bathe same, hereby rescinded in its entirety.
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tr, d PASSED AND ADOPTED this 18th day of January, 2005 .
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oTim Hurley Mayor
AIEiST:
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Nancy Ecke , CMC
City Cler