DATE: December 20, 2018
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Title
Riverwalk Market Fair 2019-2020 Contract Amendment
Body
SUMMARY AND ACTION REQUESTED:
The Northfield EDA, having heard a presentation and request for additional funding from the Riverwalk Market Fair officers, shall make a motion to approve the First Amendment to the Riverwalk Market Fair Agreement for additional funding in 2019-2020.
BACKGROUND:
Following the 2018 report, Riverwalk Market Fair (RMF) officers provided a request to amend the current four-year agreement between the Northfield EDA and RMF. The formal request letter is attached to this report. The additional funding request for 2019 is a total of $7,000. The current four-year contract has the 2019 funding level set at $0.
In order to revise the 2019 amount, the EDA Board must approve an amendment to the current agreement. City Attorney, Chris Hood, has drafted this amendment agreement and is attached to this report for Board review.
Following the October 25 EDA Board meeting, a committee was formed to discuss the proposed contract amendment in greater detail. The committee met on October 31, 2018 and presented a new contract amendment. The minutes of the meeting are attached.
The Committee proposed the following:
* Execute a new 2-year contract (2019 through 2020)
* Make available a max of $7,000 each year in matching revenues
o Matching funds can come from anywhere, and the EDA is willing to match any fundraising efforts up to a max of $7,000 per year for a total of $14,000 over the two years
* A joint work session is to be scheduled in early 2019 between the entire EDA Board and Riverwalk Market Fair Board to discuss goals and mission of the EDA's involvement
ANALYSIS:
Staff coordinated discussions with the RMF leadership and provided direction on how to proceed with a funding request. Staff has also encouraged further collaboration with other Northfie...
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