Posted: June 24, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF062916-02

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Memorandum of Understanding Between the City of Rapid City and the Performing Arts Center of Rapid City, Inc. Relating to Corporate Structure and Operations

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
06/29/2016
City Council Hearing Date:
07/05/2016
Petitioner:
Performing Arts Center of Rapid City, Inc. Board of Directors
Staff Contact:
Wade Nyberg
Agenda Item Summary:
The City and Performing Arts Center of Rapid City, Inc. (PACRC) have an existing MOU that was approved November 18, 2013. That MOU limited the number of board members that may serve on the PACRC Board of Directors to 7 to 11 members. The Board has asked that the numbers change to 9 to 15 members. The City is still guaranteed the 1/5 representation that it received from the original agreement where Vision Fund dollars were pledged to construct/renovate the theater. The PACRC Board is free to set the number of directors within that requirement.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

pdf LF062916-02 MOU Performing Arts (92 KB)

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