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FARGODOME Authority

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Fargo Dome Authority - July 27, 2021 Minutes

A regular meeting of the Fargo Dome Authority was held on Tuesday, July 27, 2021 at 3:30 p.m. in the FARGODOME Administrative Conference Room with President Blake Nelson presiding.

Members present: President Blake Nelson, Michael Ellingson, Dan Armbrust, Nancy Jordheim and Rick Steen.

Members absent: David Suppes and Troy Goergen.

Others present: Ryan Green – City of Fargo; Sarah Dykema, Director of Sales and Marketing – FARGODOME; Amanda Muellenbach, Administrative and Auxiliary Services Manager – FARGODOME; Susan Thompson, Director of Finance – FARGODOME and Rob Sobolik, General Manager – FARGODOME.

Media present: Barry Amundson – The Forum.

President Blake Nelson called the meeting to order at 3:31 p.m.

Rob requested to add a review of the 8th Amended Operating Lease Agreement with NDSU to the agenda under Additional Items.

Mike Ellingson made a motion, seconded by Rick Steen, to approve the agenda of the July 27, 2021 Fargo Dome Authority meeting as amended. Motion carried.

Rick Steen made a motion, seconded by Dan Armbrust, to approve the minutes from the June 29, 2021 Fargo Dome Authority meeting. Motion carried.

Rob Sobolik presented the General Manager’s report as follows:
• Year-to-Date Net Income through June 2021 is stated at -$561,105 which is a negative variance (to budget) of $542,983.
• Upon review, Rick Steen made a motion, seconded by Dan Armbrust, to approve the June 2021 financial statements as presented.
On call of the roll, Armbrust, Ellingson, Jordheim, Nelson and Steen voted aye.
Absent and not voting: Goergen and Suppes.
The motion was declared carried.
• Past and Upcoming Events: USA Wrestling was held July 16-23, 2021. Guns N Roses will be held August 11, 2021.

Mike Ellingson presented the Fargo Dome Authority Building and Finance Committee report. The Fargo Dome Authority Building and Finance Committees met on Wednesday, July 21, 2021. Items discussed included:
• June 2021 Financial Statements: The June 2021 Financial Statements were reviewed by the Finance Committee at the meeting on July 21, 2021.
• Project Updates:
o Canopy Project – This project is underway. The estimated completion date for this project is mid-August.
o Dressing Room/Catering Room Remodel - The project is nearing final completion.
• Escrow Balance & Performance Reports: The FARGODOME permanent fund performance, year-to-date, through May 2021 is 20.89%. Please see attachments.
• Additional Items:
o Shuttered Venue Grant – The Small Business Administration has awarded the FARGODOME $3,782,180.53 through the Shuttered Venue Grant. The money will be put into a separate savings account and will go toward paying full-time salaries and benefits, business utilities, business insurance and large maintenance agreements.

Mike Ellingson made a motion to approve the Building and Finance Committee report as presented.
On call of the roll, Armbrust, Ellingson, Jordheim, Nelson and Steen voted aye.
Absent and not voting: Goergen and Suppes.
The motion was declared carried.
Additional Items:
• Operating Lease Agreement with NDSU: Rob provided an overview of the Eighth Amended Operating Lease Agreement with NDSU. It will be a one-year extension of the last agreement with no changes.
Nancy Jordheim made a motion, seconded by Mike Ellingson, to approve the Eighth Amended Operating Lease Agreement with NDSU.

On call of the roll, Armbrust, Ellingson, Jordheim, Nelson and Steen voted aye.
Absent and not voting: Goergen and Suppes.
The motion was declared carried.

The next Fargo Dome Authority meeting will be on August 31, 2021 at 3:30 p.m.
There being no further business, the meeting was adjourned at 3:51 p.m.