HomeMy WebLinkAboutresolution.council.044-20 RESOLUTON NO. 44
(SERIES OF 2020)
A RESOLUTION APPROVING A LOAN TO THE ASPEN CHAMBER RESORT
ASSOCIATION, INC. FROM THE CITY OF ASPEN'S GENERAL FUND FOR
EMERGENCY ASSISTANCE RELATED TO THE SPREAD OF COVID49
WHEREAS, there have been proposals brought before City Council to fund relief and
recovery efforts related to the City of Aspen's Local Disaster Emergency Declaration; and
WHEREAS, the City Council has evaluated these proposals and believe that funding
such proposals would be in the best interest of the City of Aspen to promote the economic
recovery from the devastation that has been caused by COVID-19; and
WHEREAS, the City's economy is tourist-based, and it is essential to both the short term
and long-term economic vitality of the Town that tourism be revitalized as the City begins the
efforts to reopen.
WHEREAS, at a work session on May 11, 2020, the Aspen Chamber Resort, Inc.,
(ACRA)presented a plan for short-term, mid-term and long-term recovery efforts using
reserves in the amount of$300,000,that are held by the City of Aspen, as well as an additional
$200,000 in the form of a loan from the City's previous authorized recovery appropriations.
WHEREAS,the City Council has determined that the proposed loan to ACRA is necessary
for further economic relief, recovery, and stimulus and in the best interest of the health, safety
and welfare of the community.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ASPEN, COLORADO,
That the City Council hereby agrees to loan to Aspen Chamber Resort Association,Inc.,(ACRA)
from the City of Aspen General Fund the amount of two hundred thousand dollars ($200,000)to
be repaid over the next two (2)years on such payment terms as the City Manager and the ACRA
Director shall reasonably agree, subject to the approval by the City's Finance Director and the
City Attorney.
That the City Council hereby agrees to extend the use of the $300,000 held in the Tourism
Promotion Fund restricted reserve to the Aspen Chamber Resort Association, Inc. (ACRA)with
an agreement for said amount to be repaid within,the three (3) year period subsequent to the
$200,000 loan repayment noted above.
INTRODUCED, AND ADOPTED by the City Council of the City of Aspen on the 26th day of
May 2020, at p.m., Mountain Daylight Time.
Torre, Mayor
1,Nicole Henning, duly appointed and acting City Clerk do certify that the foregoing is a
true and accurate copy of that resolution adopted by the City Co of the City of Aspen,
Colorado, at a meeting held on May 26, 2020.
Nicole Henning, Ci Jerk