HomeMy WebLinkAbout~Master - Revised agreement with ISU for Ames/ISU Ice Arena RESOLUTION NO. 02-413
RESOLUTION APPROVING REVISED AGREEMENT
WITH IOWA STATE UNIVERSITY FOR
AMES/ISU ICE ARENA
FOR THE CITY OF AMES
WHEREAS,the construction and one-year warranty for the new Ames/ISU Ice Arena,which
is jointly owned by the City and Iowa State University, is now complete; and,
WHEREAS, prior to the Arena being constructed, the City and ISU entered into a formal
Development Agreement detailing many items,which included proj ect funding sources and the terms
for facility construction; and,
WHEREAS, the agreement with the City calls for the University to raise $300,000 to
contribute towards this project; and,
WHEREAS, ISU officials have informed staff that, based on changes in the economy and
a thorough review of the donors, it appears these funds are not likely to be collected; and,
WHEREAS, the University is requesting that the agreement be revised to reduce its
contributions from private donors from $300,000 to $252,472.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the modification to paragraph 3(b)of the Development Agreement with Iowa State University,
reducing its contribution level from $2,000,000 to $1,952,472, is hereby approved.
ADOPTED THIS 23rd day of July, 2002.
':Z
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Hoffman
Voting aye: Cross, Goodhue, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23rd day of July, 2002.