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<br />11 <br /> <br />.- <br /> <br /> <br />'I <br /> <br /> <br />~ i <br /> <br />RESOWTION NO. 91- 4 9 <br /> <br />State of Minnesota <br />County of Ramsey <br />Ci ty of New Brighton <br /> <br />RESOLU'l'ION RECEIVING '!'HE FINAL REPORT ON LIQUOR OPERATIONS AND <br />DIRECTING THE FIlIANCIAL POLICY ADVISORY BOARD 'l'O PROPOSE THE <br />PREFERRED USE OF THE RESIDUALS <br /> <br />Whereas, the final report on the 1990 operation of the liquor <br />stores has been completed; <br /> <br />Whereas, the result of operations shows an overall loss of $61,201 <br />for the year; <br /> <br />Whereas, the City has elected to terminate the operation of all <br />the stores because of limited profitability and a changing <br />attitude towards drinking; <br /> <br />Whereas, the site of the Palmer Drive/Brandywine stores has been <br />sold; <br /> <br />Whereas, the sale proceeds should generate about $63,000 in annual <br />income over the next fifteen years with a final payment of <br />$504,500 in 2005; <br /> <br />Whereas, liquor profits have been used to reduce the need for <br />property taxes for programs such as park improvements and the City <br />Hall remodeling debt; <br /> <br />Now, therefore be it resolved that; <br /> <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />Mayor .. i <br />~(Y1.~ <br /> <br />David M. Childs I <br />City Manager ! <br /> <br />Whereas, other City resources have had to be substituted for the <br />property tax reduction due to the recurring lack of profitability <br />of the stores; <br /> <br />The final liquor report is accepted and the Financial Policy <br />__Advj.sory Board shall be directed to study the possible uses for <br />the liquor residuals and propose the preferred option. <br /> <br />Adopted this 14th day of May, 1991. <br /> <br /> <br />ATTEST; <br /> <br />~~ <br />Margaret . Egan <br />Finance Director <br />