On December 20, 2016, the Governing Body approved allocating the Topeka Performing Arts Center $100,000 of excess General Fund reserves to be transferred in 2016 for operational needs. In addition, Council authorized an additional $300,000 to be transferred in 2017. (Resolution 8833). Terms for disbursement were approved in Resolution 8859 on February 21, 2017. |
On December 20, 2016 the Governing Body approved the allocation of $300,000 to be distributed to TPAC in 2017 per agreed upon terms. On February 21, 2017 the Governing Body approved Resolution 8859 which stipulated quarterly payments would be distributed under the following conditions:
Distribution. Two Hundred Seventy Thousand Dollars ($270,000) of the Allocated Funds will be distributed by the City to TPAC in quarterly payments of Sixty-Seven Thousand Five Hundred Dollars ($67,500). The first quarterly payment will be distributed upon Governing Body approval of Resolution No. 8859. Each of the three subsequent quarterly payments will be distributed no later than the Friday following the Governing Body meetings held on April 11, 2017, July 11, 2017 and October 10, 2017, upon approval by the Governing Body of a Resolution that includes a statement from the City’s Finance Director (or designee) that she has received and declared as satisfactory:
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Financial Statements;
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Six-Month Cash Flow Projections; and
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Quarterly Progress Reports, that include accomplishments and adherence to/satisfaction of the items listed in TPAC’s 2017 Goals and Objectives.
A fifth and final payment of Thirty Thousand Dollars ($30,000) will be distributed by the City to TPAC during the last full week of December, 2017; provided, however, that TPAC has submitted sufficient evidence, as determined by the Finance Director (or designee), that TPAC has met or exceeded, through private fundraising efforts, its 2017 business sponsorship goal of Two Hundred Thousand Dollars ($200,000).
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