HomeMy WebLinkAboutResolution 157-1998 RESOLUTION 157-98
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF BROOKINGS,
SOUTH DAKOTA, DECLARiNG AN OFFICIAL INTENT TO USE A PORTION OF THE
SEVENTY-FIVE PERCENT (75%) OF THE REVENUES FROM THE ONE PERCENT(1%)
OF MUNICIPAL SALES AND SERVICE AND USE TAX FOR COMPLETION OF THE
BROOKINGS AREA MULTIPLEX.
WHEREAS, the City of Brookings adopted Ordinance No 25-96 (as amended) which
increased the rate of municipal sales and service and use tax form one percent(1%)to two
percent(2%), and which provides, in part, that seventy-five percent(75%) of the revenues form
the increased sales tax be used only for capital improvements which involve the construction and
financing of public improvements designated by Ordinance or Resolution of the City
Commission, and
WHEREAS,the City of Brookings has invested $7.6 million; which includes $4,553,551
for the exhibition building, $1,046,449 for the county portion, and $2,000,000 for the Research
and Technology Center with the intent of providing a facility to enhance economic development
and the cultural, entertainment, and activity options for the citizens of Brookings, and
, WHEREAS, the Exhibition and Events Center, in order to become a"marketable" facility
providing for positive economic development requires additional investment to provide
equipment and other constructional improvements,NOW THEREFORE,
BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF BROOKINGS,
SOUTH DAKOTA, AS FOLLOWS:
1. That the City hereby declares its official intent to use a portion of the seventy-five
percent(75%) of the revenues from the sales tax as provided in Ordinance No 25-
96 (as amended) for the following project:
Complete the facility to the E�chibition and Events Center in MultiPlex.
Equipment and construction(excluding the annex) $2,909,580
2. The Project may be financed through long-tern financing methods which are
acceptable to the City and only the revenues allocated to the specific project as
established in the foregoing Section 1 may be pledged or used to secure a loan,
bond, or other indebtedness to finance the project.
Passed and approved this 22"d day of December 1998.
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A RESOLUTION OF THE GOVERNING BODY OF TI-� CITY OF BROOKINGS,
SOUTH DAKOTA, DECLARING AN OFFICIAL INTENT TO USE A PORTION OF THE
SEVENTY-FIVE PERCENT(75%) OF THE REVENUES FROM THE ONE PERCENT(1%)
OF MUNICIPAL SALES AND SERVICE AND USE TAX FOR COMPLETION OF THE
BROOKINGS AREA MULTIPLEX.
WHEREAS,the City of Brookings adopted Ordinance No 25-96 (as amended)which
increased the rate of municipal sales and service and use tax form one percent (1%)to two
percent (2%), and which provides, in part,that seventy-five percent (75%)of the revenues form
the increased sales tax be used only for capital improvements which involve the construction and
financing of public improvements designated by Ordinance or Resolution of the City
Commission, and
WI�REAS,the City of Brookings has invested $7.6 million; which includes $4,553,551
for the exhibition building, $1,046,449 for the county portion, and $2,000,000 for the Research
and Technology Center with the intent of providing a facility to enhance economic development
and the cultural, entertainment, and activity options for the citizens of Brookings, and
WHEREAS,the Exhibition and Events Center, in order to become a "marketable" facility
providing for positive economic development requires additional investment to provide
equipment and other constructional improvements, NOW THEREFORE,
BE IT RESOLVED BY THE GOVEItNING BODY OF THE CITY OF BROOKINGS,
SOUTH DAKOTA, AS FOLLOWS:
1. That the City hereby declares its official intent to use a portion of the seventy-five
percent (75%)of the revenues from the sales tax as provided in Ordinance No 25-
96 (as amended) for the following project:
Complete the facility to the Exhibition and Events Center in MultiPlex.
Equipment and construction(excluding the annex) $2,909,580
2. The Project may be financed through long-tern financing methods which are
acceptable to the City and only the revenues allocated to the specific project as
established in the foregoing Section 1 may be pledged or used to secure a loan,
bond, or other indebtedness to finance the project.
Passed and approved this 22°d day of December 1998.
Mayor
Finance Officer