HomeMy WebLinkAboutResolution No. 259-23 - Resolution - Use of Contingency Funds for Exhibits Development Group (EDG) Judgment
RESOLUTION
Authorizing the use of $661,914.88 of Contingency Funds to Pay Judgment and
Associated Costs from Court File No. 55-CV-22-3009 Exhibits Development Group
vs. City of Rochester.
WHEREAS, City of Rochester and Exhibits Development Group (EDG) were in litigation
related to the operating contract and the result of said litigation requires payment by the
City of Rochester to EDG; and
WHEREAS, City of Rochester is required to pay pursuant to the judgment of the court in
the amount of $335,137, along with attorney fees for EDG in the amount of $300,000, the
City of Rochester deductible for their attorney of $100,000, and interest on the judgment
that has yet to be determined; and
WHEREAS, it is proposed to use the 2023 Contingency Fund which currently has a
balance of $661,914.88 to pay the majority of the obligation; and
WHEREAS, any remaining balance owed above the $661,914.88 including calculated
interest will be paid from Downtown Abatement funds.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, that the Council hereby authorizes the use of $661,914.88 of contingency funds
and up to $140,000 of Downtown Abatement funds to pay-in-full the judgment for Court
File No. 55-CV-22-3009 Exhibits Development Group vs. City of Rochester.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2023.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2023.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)