WORKSHOP ITEM - Joe Huss, Finance Director
Title
EXPENDITURE OF UP TO $100,000 IN MATCHING FUNDS FOR VETERANS PARK FROM THE CITY’S STRATEGIC PRIORITIES FUND
Background
On April 1, 2019 the City Council accepted a check from the North Suburban Hospital District of $2,648,000. The check represents Blaine’s share of funds remaining after the dissolution of the hospital district. At the May 6, 2019 Workshop, the Council consensus regarding these funds was to (1) set aside or earmark $100,000 of the proceeds to be used as a matching grant to assist in funding for the new Veterans Park and (2) place the remainder of the funds in a separate fund to be used pursuant to Council priorities as established at a later date.
At this time, staff is seeking Council direction on establishing parameters and targets for the park developer to reach before releasing the $100,000 in matching funds. Issues to discuss:
1. Deadlines - Council will approve up to $100,000 in matching funds for proceeds received by a certain date?
2. Proof of receipt - Council will release the funds upon actual receipt of the funds by the park developer (as opposed to the commitment of funds by donors).
3. First ensure that contracts for which the funds will be used are in place?
Recommendation
Staff will be seeking Council direction in consideration of the above as well as any other issues that develop during the discussion.