Consider authorizing the City Manager to negotiate, execute and budget for an amendment to the Chapter 380 Economic Development Program Agreement with the San Angelo Stock Show and Rodeo Association for the Coliseum renovation, to provide for project redesign and SASSRA's capital investment into the project of $9,000,000 (Presentation made by Chief Project Officer Rick Weise)

Staff Report & Agenda Item Details

Previously, the San Angelo City Council approved a Chapter 380 Economic Development Program Agreement with the San Angelo Stock Show and Rodeo Association for design work and renovation of the San Angelo Coliseum. At that time, SASSRA agreed to cover all design expenses and other expenses that exceeded funding generated by the citizen-approved bond for the project. This item amends the existing 380 agreement, and accepts a contribution of $9,000,000 from SASSRA to be used for design work and other expenses associated with the upcoming project. The amendment will also address an extension of the term in consideration of the delay in commencing construction. It will also provide for the satisfaction of SASSRA's required capital investment due to the $9,000,000 contribution.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 7.5/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).