Agenda Item Title:
Approve Request for Interfund Loan of $1,056,260 Between SAB28 Fund and The Monument Fund
Origination Group:
City Council Working Session
Origination Meeting Date:
08/11/2021
City Council Hearing Date:
08/16/2021
Staff Contact:
Craig Baltzer
Agenda Item Summary:
The Monument is requesting a loan of $1,056,260.
The loan is to upgrade the scoring and video display systems in the new Summit Arena. This would be changing from the original planned “end hung scoreboards” to a “center hung score board” and to increase the size of ribbon board. These upgrades will help solidify many sporting events who expect a center hung system and significantly increase sponsorship sales.
The Monument will pay back the SAB 28 loan over 10 years at the rate of 3 percent interest through its increased sponsorship revenues that the upgraded boards will help produce. The Monument Board of Directors approved to request this amount from the city.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| 0775 | 4132 |