HomeMy WebLinkAbout~Master - Payment to ISU for share of Intermodal Facility Operating Subsidy RESOLUTION NO. 14-422
RESOLUTION APPROVING PAYMENT OF CITY'S SHARE OF INTERMODAL
FACILITY OPERATING SUBSIDY TO IOWA STATE UNIVERSITY
FOR THE CITY OF AMES,IOWA
WHEREAS,in February 2011,the City entered into a three-party agreement with Iowa State
University and the Ames Transit Agency regarding operations of the new Intermodal Facility; and,
WHEREAS, among other provisions, this agreement specifies that: "While it is expected
that revenue generated from the Facility users will be sufficient to cover all of the expenditures for
the Facility and site, it is agreed and understood that it is possible from time to time that negative
balances in the fund(as described in Section V.A,supra)may occur. Should the revenues in the fund
not cover the operations and capital improvement expenditures,the University and City of Ames will
each provide equal supplemental operational support in the form of subsidies as necessary to
maintain a positive balance."; and,
WHEREAS, the first full year of operations for the Intermodal Facility came to an end on
June 30, 2012; and,
WHEREAS, a report supplied by the University(which manages the facility)indicated that
expenditures for the facility exceeded revenues by$27,973.37,and in accordance with the operations
agreement,the City reimbursed the University one-half of this subsidy, or$13,986.69, for the first
year of its operation; and,
WHEREAS, as the second year of its operation came to an end on June 30, 2014, the
University informed the staff that the subsidy required to finance the operations of the Intermodal
Facility had dropped to $2,312.38; therefore, the City's share of this subsidy is $1,156.19.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that payment of the City's share of the Intermodal Facility operating deficit in the amount of
$1,156.19 for FY 2013/14 from the Council's Contingency Account to Iowa State University is
hereby approved.
ADOPTED THIS 121h day of August, 2014.
C___IR4� _add. A.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Betcher
Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12`h day of August, 2014.