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City reports: Capstone Endowment close to target, rental registration at 600 and street-reconstruction bids due
Summary
City staff reported the Marshall Capstone Endowment fund remains below its $2 million target, the rental registration program has about 600 properties registered with roughly 100 remaining, and the Minnesota Hill Charles street reconstruction bid opening was scheduled for 10 a.m. the next day.
EJ reviewed the Marshall Capstone Endowment annual account and reminded the council the fund originated from proceeds of the hospital’s transfer of ownership. City staff said the endowment’s design includes a $2 million minimum target balance; market declines and committed project expenditures have temporarily reduced the fund below that target.
"We have an idea for the concept is to leave $2,000,000 in that fund. We're a little bit under that because of some market value adjustments," EJ said. Staff said they are working to restore the minimum balance while continuing previously committed projects funded from the endowment.
Public-works staff member Jason told the council the bid opening for the Minnesota Hill Charles reconstruction project was scheduled for 10 a.m. the next day. He also reported progress on the city’s rental-registration program: about 600 properties have registered, and roughly 100 property owners remain to complete registration.
City Attorney Pam told the council she continues to monitor federal litigation concerning earlier executive-order funding freezes; she reported no other legal concerns at the meeting.
The council received the administrative brief and the endowment review as informational items; no formal action was recorded on the Capstone Endowment balance or on requiring additional reporting timelines at the meeting.
