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<br />. <br /> <br />. <br /> <br />. <br /> <br />ARDEN HILLS CITY COUNCIL - JANUARY 13. 1997 <br /> <br />5 <br /> <br />request for EDA Commissioner approval once additional information is known regarding the <br />other City economic development activity options. <br /> <br />Mayor Probst requested clarification that this was a request to only set up the fund at this time, <br />and not a budget. Mr. Fritsinger stated this was the case. <br /> <br />Councilmember Aplikowski inquired if this could be done automatically by the City Council. <br />Mr. Fritsinger stated the City Council could for the budget, but not for the fund. <br /> <br />Councilmember Malone inquired if this new fund would be co-mingled with other money. Mr. <br />Post indicated that it would be placed in a separate account. <br /> <br />MOTION: <br /> <br />Malone moved and Keirn seconded a motion to authorize the creation of an EDA <br />fund account for the CPI Loan Fund and staff to investigate a depository <br />relationship in which to deposit and expend funds of the EDA. The motion <br />carried unanimously (5-0). <br /> <br />D. Quad Ice Arena Agreements <br /> <br />Mr. Fritsinger reported the Council is being asked by the Minnesota Amateur Sports <br />Commission (MAS C) to consider approval of the National Sports Center Ice Arena Master <br />Agreement. MASC has requested that action be taken on this item prior to January 28, 1997. He <br />further stated that the Council should also consider approval of the Supplemental Agreement <br />with the Hockey Associations and Ramsey County. <br /> <br />Master Agreement <br /> <br />Mr. Fritsinger reviewed the content ofthe Master Agreement with regard to Terms, Financing, <br />Facility Operation, Joint Board, Obligations, Budget, Ice Usage, Financing Operations, <br />Operating Expenses, and Construction of Facility. He stated an agreement has been reached <br />with the MASC that no similar projects will be started in the State of Minnesota. Mr. Fritsinger <br />explained the MASC would be responsible for the fourth sheet of ice at this time, as no <br />community has stepped forward to purchase it. The MASC will continue to pursue other tenants <br />for this sheet. Mr. Fritsinger advised that City Managers have met to discuss the impact on <br />municipal bond ratings. The City's financial advisors have indicated that the obligation is a <br />disclosure item on any future bond issuance, and that there is no direct impact on bondable <br />capacity. <br /> <br />Mr. Fritsinger indicated that should the City approve the agreements, Staff would recommend <br />approval with the following conditions: <br /> <br />1. <br /> <br />Participation in the project by each member of MANS (Mounds View, Arden Hills, New <br />Brighton and Shoreview). <br />