16-7376 Acknowledge Receipt of Private Funds for Salina Field HouseEll
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RESOLUTION NUMBER 16-7376
A RESOLUTION ACKNOWLEDGING RECEIPT BY THE CITY OF A
COMBINATION OF CONTRIBUTED FUNDS RECEIVED FROM THE GREATER
SALINA COMMUNITY FOUNDATION (GSCF) AND AN ADVANCE OF PLEDGED
CONTRIBUTIONS EQUAL IN TOTAL TO THE 4.5 MILLION. DOLLAR ($4.5M)
COMMITMENT OF PRIVATE SUPPORT TOWARD THE COST OF THE DOWNTOWN
FIELDHOUSE PROJECT AND THE CITY'S COMMITMENT TO REIMBURSE THE
ADVANCE OF PLEDGED CONTRIBUTIONS TO THE EXTENT FUTURE PAYMENTS
OF PLEDGED CONTRIBUTIONS ARE RECEIVED BY THE GSCF AND REMITTED TO
THE CITY, NOT TO EXCEED IN TOTAL THE AMOUNT OF THE ADVANCE OF
PLEDGED CONTRIBUTIONS.
WHEREAS, on October 27, 2014, the Governing Body of the City of Salina, Kansas
("City") adopted Resolution No 14-7146 demonstrating the City's support of the downtown field
house proposal ("Project"), including a public/private partnership anticipating privately contributed
funding of 4.5 million dollars ($4.5M) toward the cost of the Project ("Private Share"); and
WHEREAS, in the intervening time, private contributions have either been made or
pledged toward the Private Share through a provisional fund ("Fund") of the Greater Salina
Community Foundation ("GSCF") in the full amount- of the Private Share, including (a)
contributions received by the GSCF and previously distributed to the City for preliminary expenses
of the Project in the amount of $1,628,230.00 and additional contributions received by the GSCF to
be presented to the City on this date in the amount of $1,354,207.72, for a total of $2,982,437.72
received by the City from the GSCF (the "GSCF Contributed Funds") and (b) the balance of
pledged contributions toward the Private Share in the amount of $1,517,562.28 to be advanced to
the City on this date via a loan by Bennington State Bank (and other participating local lending
institutions) to a third -party obligor (other than the GSCF or the City) secured by pledges made to
the Fund, but not yet received by the GSCF (the "Advanced Funds"); and
WHEREAS, the Governing Body wishes to acknowledge receipt of the GSCF Contributed
Funds and the Advanced Funds, and to authorize staff to reimburse Bennington State Bank (and the
participating local lending institutions) to the extent that payments of outstanding pledges to the
Fund are received by the GSCF and remitted quarterly to the City, not to exceed in total the amount
of the Advanced Funds; SO NOW, THEREFORE,
BE IT RESOLVED, by the Governing Body of the City of Salina, Kansas:
Section 1. The Governing Body acknowledges receipt of funds equaling the Private
Share in the form of (a) the GSCF Contributed Funds in the amount of $2,982,437.72 and (b) the
Advanced Funds in the amount of $1,517,562.28.
Section 2. The Governing Body acknowledges the City's commitment to reimburse
Bennington State Bank (and the participating local lending institutions) in relation to the Advanced
Funds; provided, however, that commitment shall be limited to the extent that payments of
outstanding pledges to the Fund are received by the GSCF and remitted quarterly to the City, not to
exceed in total the amount of the Advanced Funds; and directs staff, upon receipt of such quarterly
remittances from GSCF, to reimburse Bennington State Bank in amounts equal to the remittances,
not to exceed in total the amount of the Advanced Funds.
Section 3. This Resolution shall be in full force and effect from and after its adoption.
Adopted by the Board of Commissioners and signed by the Mayor this "' day of June,
2016.
Ka . C wford, May
(SEAL)
I ATTEST:
6V'dL Vl-!�^.'6
Shandi Wicks, CMC, City Clerk
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