Fargo Dome Authority - March 29, 2022 Minutes
A regular meeting of the Fargo Dome Authority was held on Tuesday, March 29, 2022 at 3:30 p.m. in the FARGODOME Conference Room with Mike Ellingson presiding.
Members present: David Suppes, Michael Ellingson, Nancy Jordheim (via phone), Troy Goergen (via phone) and Rick Steen (via phone).
Members absent: Blake Nelson and Dan Armbrust.
Others present: Barry Amundson – The Forum; 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: None.
Mike Ellingson called the meeting to order at 3:32 p.m.
David Suppes made a motion, seconded by Nancy Jordheim, to approve the agenda of the March 29, 2022 Fargo Dome Authority meeting as presented. Motion carried.
David Suppes made a motion, seconded by Troy Goergen, to approve the minutes from the March 1, 2022 Fargo Dome Authority meeting. Motion carried.
Rob Sobolik presented the General Manager’s report as follows:
• Year-to-Date Net Income through February 2022 is stated at $7,173 which is a positive variance (to budget) of $27,988.
• Upon review, David Suppes made a motion, seconded by Nancy Jordheim, to approve the February 2022 financial statements as presented.
On call of the roll, Ellingson, Goergen, Jordheim, Steen and Suppes voted aye.
Absent and not voting: Armbrust and Nelson.
The motion was declared carried.
• Past and Upcoming Events: RRV Sportsmen’s Show was held March 3-6, 2022. TobyMac was held March 11, 2022. Slipknot was held March 16, 2022. Elton John was held March 19, 2022. PRCA Rodeos was held March 25-26, 2022. Shrine Circus will be held April 1-3, 2022. Shinedown will be held April 6, 2022. NDSU Football Coaches Clinic will be held April 8-9, 2022. Jersey Boys will be held April 13, 2022. Sanford Health Employee Event will be held April 20, 2022. Mercy Me will be held April 22, 2022. NDSU Spring Football Game will be held April 23, 2022.
David Suppes presented the Fargo Dome Authority Building and Finance Committee report. The Fargo Dome Authority Building and Finance Committees met on Wednesday, March 23, 2022. Items discussed included:
• ND State Investment Board: Eric Chin and Scott Anderson from the ND State Investment Board provided the committees with an update on FARGODOME’s investments and performance. Please see attachments. The FARGODOME
permanent fund performance, year-to-date, through January 2022 is -0.60%. Scott also reviewed FARGODOME’s growth of assets, asset allocation, fees and considerations for future asset allocation.
The Finance Committee accepted a motion, to instruct FARGODOME management to develop a probable timeline for fund inflows and outflows, then work with the State Investment Board on options for asset allocation changes to accommodate the potential inflows and outflows. Management will report back to the committee.
It was noted that the timeline with bonds and financing will depend on the timeline for a building improvement/expansion project, which is dependent on the City Commission approving the project and moving forward. It is likely that funds needed from the capital account are more than a year out. At this time, the committee did not request any changes to the asset allocation.
• February 2022 Financial Statements: The February 2022 Financial Statements were approved by the Finance Committee at the meeting on March 23, 2022.
• Project and Capital Budget Updates:
o Turf Replacement Project – Part of this project will take place from April 23-May 5, 2022, with the remainder of the project being completed June 6-July 12, 2022.
o Discussion of Snow Removal Operation & Facility Owned Vehicles – Rob reported to the committees on the internal departmental changes with housekeeping and grounds staff. Mike Nitschke in the FARGODOME Operations department has taken over management of building grounds. He has been evaluating grounds equipment for the past year and has indicated a need for a new pick-up truck. Working through the City of Fargo fleet department and their bid process, there is an option to purchase a truck through Nelson Auto.
Rob requested to reallocate $35,251 from the excess capital fund to purchase a 2022 F-150 truck from Nelson Auto, through the City of Fargo bid process.
The Finance and Building Committees each approved a motion, to accept the above purchase and reallocation request.
It was noted that FARGODOME does have a tractor and plans to sell it through the City of Fargo Auction. This sale could help offset the cost of the truck.
• Additional Items:
o Rob thanked Kent Costin for his years of service to the FARGODOME and the Fargo Dome Authority Finance Committee.
David Suppes made a motion to approve the Building and Finance Committee report as presented.
On call of the roll, Ellingson, Goergen, Jordheim, Steen and Suppes voted aye.
Absent and not voting: Armbrust and Nelson.
The motion was declared carried.
Nominating Committee: Mike Ellingson, on behalf of Blake Nelson, appointed Troy Goergen, Nancy Jordheim and Blake Nelson to the 2022 Nominating Committee. The committee will bring forward the proposed slate of officers at the next Authority meeting.
David Suppes made a motion, seconded by Rick Steen, to accept the Nominating Committee as presented.
On call of the roll, Ellingson, Goergen, Jordheim, Steen and Suppes voted aye.
Absent and not voting: Armbrust and Nelson.
The motion was declared carried.
The next Fargo Dome Authority meeting will be on April 26, 2022 at 3:30 p.m.
There being no further business, the meeting was adjourned at 3:49 p.m.