Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a contract with the North Market Development Authority (NMDA). The NMDA opened the North Market in its present location in 1995. Since that time the need for additional operating expenses, market identity and merchant support has increased. With the opening of the Nationwide Arena and surrounding redevelopment, the NMDA repositioned the Market to be competitive in this new development area. The NMDA has worked diligently to raise capital for the market but additional support is required to keep the Market competitive with other retail operations in the area. This legislation will authorize the expenditure of $22,962 for operational, maintenance and marketing costs associated with the North Market.
FISCAL IMPACT: A total of $22,962.00 was allocated to the North Market Development Authority to support operational costs. These funds are provided from the FY 2005 City General Fund. This contract will cover the term of January 1, 2005 through December 31, 2005. In 2004, the contract amount was $22,962 and covered the period of January 1, 2004 through December 31, 2004. The contract amount in 2003 was $30,000.
Title
To authorize the Director of the Department of Development to enter into a contract with the North Market Development Authority; to authorize the expenditure of $22,962 from the General Fund; and to declare an emergency. ($22,962)
Body
WHEREAS, the North Market Development Authority (NMDA) is the overseeing body of the North Market public market; and
WHEREAS, the NMDA requires additional funds to cover operational, maintenance and marketing costs in order to keep the Market competitive with other retailers in the area; and
WHEREAS, the Director of the Department of Development desires to enter into a contract with the North Market Development Authority to carry out the above referenced purpose; and
WHERE...
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