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DOWNTOWN INC. (6)-2018
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DOWNTOWN INC. (6)-2018
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Last modified
1/31/2018 11:15:32 AM
Creation date
1/31/2018 9:59:29 AM
Metadata
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Contracts
Company Name
DOWNTOWN INC.
Contract #
A-2017-326
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
12/5/2017
Expiration Date
1/1/2019
Insurance Exp Date
12/7/2018
Destruction Year
2024
Document Relationships
DOWNTOWN INC. (2)
(Amended By)
Path:
\Contracts / Agreements\D
DOWNTOWN INC. (3)
(Amended By)
Path:
\Contracts / Agreements\D
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§1.06 City Representation at Meetines of DTI <br />The City Manager shall be entitled to attend all meetings of ATI related to the DMF and to <br />participate in the discussions of the Board to the same extent as the members of the Board, and DTI <br />shall assure that the City Manager is provided with reasonable advance notice of all meetings of <br />DTI. Nothing herein shall be construed to provide the City Manager with any authority to make, <br />second, or vote on motions, or to cause him/her to be counted for purposes of determining whether a <br />quorum exists at meetings of DTI. <br />§1.07 City Residents, Downtown Property Owners and Business Operators on the Board <br />A majority of the Board shall be City residents, downtown property owners, or business <br />operators. If the number of members who are City residents, downtown property owners, or <br />business operators becomes less than a majority due to the death, resignation, or change of residence <br />or business location, DTI shall not be in default under this section, provided, however, that the next <br />member appointed to the Board shall be a City resident, downtown property owner, or business <br />operator. <br />ARTICLE 2 <br />REPORTS AND RECORDS <br />AND DMF FUND TRANSFERS <br />t'Or <br />(a) No later than November 1 of each year, DTI shall provide the City Manager with a copy <br />of a detailed calendar year operating budget showing expected sources of revenue and the nature of <br />all expected or proposed expenditures for the forthcoming calendar year and a report on the <br />proposed programs to be undertaken by DTI in said calendar year. A true and correct copy of DTI's <br />2018 DMF Annual Budget is attached hereto as Exhibit A and incorporated herein by reference. <br />(b) If the proposed budget is accepted by the City Manager, it shall be submitted to the <br />City Council for approval, in whole or in part. If the proposed budget is rejected by the City <br />Manager, the City Manager and DTI shall meet in good faith in an attempt to reach agreement on <br />a budget. If they are unable to do so, the City Manager shall submit DTI's proposed budget to <br />the City Council for approval, in whole or in part. <br />(c) DTI acknowledges that its proposed budget in any given calendar year will consist of <br />$100,000, or any such amount as previously approved by the City Council. <br />(d) DT1 further acknowledges that expenditures of DMF funds will be for the purposes <br />identified in the Downtown Enhancements and Parking Modernization Plan. <br />(e) The City shall provide DTI with $25,000 of DMF funds each quarter (January 1, <br />
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