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RESOLUTION
No. 79 -58
A RESOLUTION ESTABLISHING THE REAFFIRMATION
OF SUPPORT FOR PACT, INC. IN ACCORDANCE WITH
REVISIONS DESCRIBED HEREIN BY THE CITY OF
CLEARWATER, CITY COMMISSION AND CITY OFFICIALS.
WHEREAS, the City, over the past eighteen months, has uxpreased
its support for PACT, Inc. through adoption of a lease agreement and
various resolutions of support; and
WHEREAS, PACT, Inc. has progressed to a more detailed stage of
planning by securing the services of architects, engineers, accountants,
attorneys, and bond underwriters, the conclusions of said specialists
making necessary revisions in certain assumptions; and
WHEREAS, the City desires to reaffirm support for PACT, Inc.
notwithstanding the revision as described herein;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED,
AS FOLLOWS:
1. The City will increase its lease payment from $250, 000 to
between $350, 000 to $400, 000 per year provided:
a. PACT, Inc. will raise an endowment fund of no less than
$1, 000, 000, the income from which will first be used to
meet debt service requirements, then to cover any operating
deficit of the Performing Arts Center, and to the extent
not necessary for the above stated purposes, will be paid
to the City, reducing the annual lease payment by said amount
paid to the City; and
b. PACT, Inc. will raise no less than $3, 000, 000 (including
the endowment fund) of private contributions for the
development of the Performing Arts Center.
2. The City will issue a $l, 000, 000 guarantee of PACT, Inc. Bonds,
as additional security for the borrowing,
3. The City will work with the Kapok Tree, Inc. attorneys to
restructure the reversion clause in the original gift so that the property can be
mortgaged for security for the borrowing.
July 19, 1979
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4. The City will issue revenue bonds to construct the required parking
for the performing arts center and associated access roads, site development
and landscaping, provided said costs do not exceed $1, 000, 000, and provided
the income generated from said parking is made available to operate, maintain
and service the related debt,
S. The City will extend the term of the existing Facility Use
Agreement to. 30 years, with the concurrence of the City Attorney and
Bond Counsel,
PASSED AND ADOPTED this 19th day of July, A. D. 1979.
Mayor-Commissioner
` i
Attest;
City Clerk
i so
79r 7/19/79-
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