HomeMy WebLinkAboutIR 7324 INFORMAL REPORT TO CIS COUNCIL MEMBERS No. 7324
y+&It T(IV,"
10Pf A To the Mayor and Members of the City Council Qctober 4, 1988
4TEXP`' Subject: VERIFICATION OF CONSTRUCTION FUNDS AND ESTABLISHMENT
OF AN ENDOWMENT FOR ZOO EXHIBITS
The contract between the Zoological Association and the City
approved by the City Council on November 11, 1987 , contains eleven
terms and conditions. Two of these conditions are:
115. The Zoological Association will document that the total
funds for a new exhibit are available before Council
approval is given to a new exhibit. "
116. The Zoological Association will establish an endowment for
each new exhibit to be used for the maintenance of the
exhibit. The minimum amount of each such endowment shall
be 5% of the cost of constructing the exhibit."
The Association has agreed to comply with one or more of the
following in order to verify the availability of funds to pay for
the construcion of each zoo exhibit.
1. The Association may provide the City with documentation to
verify the amount of funds the Association has on deposit
and available to be used to pay for the construction cost
of zoo exhibits.
2. The Assocition will all-ow the City staff to review the
Association's files for the purpose of verifying the amount
of funds that have been committed to a specific exhibit.
3. The Association may provide the City with leters of grant
awards or other documents from donors.
4. The Association may document the availability of funds by
other methods which would be acceptable to the City' s
staff.
The Mayor and Council Communication (M&C) recommending
authorization to construct each exhibit will also include an
explanation of the method staff used to verify the availability of
funds for each exhibit.
Condition No. 6 of the Contract requires the Association to
establish an endowment fund for each of the exhibits constructed
by the Association. Each endowment fund will be for a minimum of
five percent of the total actual construction cost of the exhibit.
The revenue from each endowment fund will be used to pay for the
maintenance cost of each respective exhibit. The Association has
agreed to establish each endowment fund by a legal instrument
which would require that the fund exist as long as the City
maintains the exhibit. It has further been agreed that half of
the annual revenue from the fund may be used by the City for
routine maintenance and half will be set aside for unexpected
006 maintenance costs. Each endowment fund will be established by the
time the construction of the exhibit is completed.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO Cl", r COUNCIL MEMBERS No. 7324 - D.2
a' T f i►� To the Mayor and Members of the City Council October 4, 1988
x Subject: VERIFICATION OF CONSTRUCTION FUNDS AND ESTABLISHMENT
OF AN ENDOWMENT FOR ZOO EXHIBITS
Unless otherwise directed, the staff will follow the procedures
outlined above to ensure that Conditions No. 5 and No. 6 of City
Secretary Contract No. 16138 are fulfilled.
�. uglas Harman
City Manager
vj
[ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS -