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Manager recommends terminating Goldbelt RSA; assembly introduces ordinance and appropriation by unanimous consent
Summary
City staff recommended terminating the gondola RSA with Goldbelt and appropriating funds to exit the agreement; the assembly approved introduction of ordinances to terminate the RSA and appropriate $9.5 million of fund balance plus $2.7 million in project funds to cover repayment and contingencies.
The city manager briefed the Committee of the Whole on April 13 about options for the stalled Eagle Crest gondola project and the RSA with Goldbelt. The manager reported the city is accruing roughly $70,000 per month in interest on the outstanding balance, that repayment due May 1 would be roughly $12 million, and that about $3.3 million remains in the project account but that open purchase orders and obligations reduce immediately available funds.
The manager outlined three broad options: terminate the RSA and pay Goldbelt with available fund…
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