Agenda Packets - 1991/07/01 - Laserfiche WebLink

Home Browse Search

R MEMORANDUM Er Municipal Center � 15116?�jb .� 1I1J 6431 University Avenue N.E.I ,s?j\Office of the City Manager Fridley, MN 55432 William W. Burns CITYOF (612) 571-3450 ��°��'ed NN FRIDLEY I n Ga.1 IPA 000 4141 1 IC OS ast // TO: File FROM: William W. Burns, City Manager d' DATE: June 7, 1991 y` SUBJECT: Senior Center Committee Meeting - June 6, 1991. The meeting was convened at 1: 30 p.m. in Meeting Room 1 of the Fridley Municipal Center. We began the meeting by reviewing the attached agenda. The first item of business was to receive a report from Connie Thompson regarding projected revenues and the timing of revenues for the senior endowment program. Connie distributed and reviewed the attached foundation summary. Mr. Greg , a financial planner who has foundation and endowment fund expertise, was at the meeting. Connie reviewed the legal steps required to establish a foundat4!on or endowment fund, and suggested that we attempt to collect $500, 000 before distributing any of the endowment fund money. If we did it in that manner, we could expect $35, 000 to $50, 000 in annual revenues. Connie also described f6undations in several other Minnesota cities--Westonka Senior Foundation, Coon Rapids S-uper—Seniors, Wh--i--tncy Se-ni o-r Cerate-r;and th-e-Le-n--nox—Fo-und-at-i-on i-n St. Louis Park. The parks and recreation directors presented a report regarding the costs associated with five sites. A copy of the report is attached. The committee agreed to continue our plan to include the five sites for recommendation in our final report. We discussed a report prepared by Morrie Anderson and Kelly Schultz regarding rental income from the proposed regional center. Based upon the experience in Brooklyn Park with the Brooklyn Park Community Center, our group believes that we can anticipate receiving a net income of approximately $20, 000 by renting a meeting room and other facilities at the proposed senior center. It was agreed that we would establish $20, 000 as a source of annual revenue for the senior center.