CITY COUNCIL COMMUNICATION: 00-269 AGENDA: JUNE 19, 2000 SUBJECT: ACCEPT COMBINED CONTRIBUTION FROM MEREDITH FAMILY AND CORPORATION FOUNDATIONS AND ACCEPT CONDITIONS TYPE: RESOLUTION ORDINANCE RECEIVE/FILE SUBMITTED BY: DONALD M. TRIPP PARK AND RECREATION DIRECTOR

ITEM ____ OFFICE OF THE CITY MANAGER CITY OF DES MOINES, IOWA SYNOPSIS - To accept a combined contribution of $600,000 from the E.T. Meredith Family Foundation and the Meredith Corporation Foundation, and authorize the Mayor to sign an acknowledgement. FISCAL IMPACT - $600,000 to be used for the Gray's Lake project. Funds to be deposited to Greater Des Moines Community Foundation. RECOMMENDATION - To authorize the Mayor to sign the May 4, 2000, letter from the Meredith Corporation. BACKGROUND - By previous City Council action, a fund development initiative has been raising private funds for Gray's Lake which are being accepted by the Greater Des Moines Community Foundation. On May 4, 2000, the Mayor and City Council received a letter outlining a $600,000 commitment offer from the E.T. Meredith Family Foundation ($200,000) and the Meredith Company Foundation ($400,000). There are conditions in the letter which require a signature of acknowledgement by a representative of the City of Des Moines. There are three stipulations and they are as follows: 1. "…to the condition that the City of Des Moines upholds its commitment of $6,000,000 over six years specifically toward this development…" 2. "…that the development proceeds in accordance with the Gray's Lake Master Plan provided to us…" 3. "…we will expect a written progress report before each annual pledge payment…" The letter further outlines a plan to pay this $600,000 pledge over six years. Staff has provided Meredith with a current copy of the approved Master Plan to assure Meredith is aware of current City Council approved plans.