CC 06-09-1997 - Laserfiche WebLink

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. . . ARDEN HILLS CITY COUNCIL - JUNE 9. 1997 2 MOTION: Hicks moved and Malone seconded a motion to approve the Consent Calendar as submitted and authorize execution of all necessary documents contained therein. The motion carried unanimously (4-0). PUBLIC COMMENTS Mayor Probst invited the audience to address the Council on any issue not already on the agenda. There were no public comments. UNFINISHED AND NEW BUSINESS A. Resolution #97-13, Approving an Amendment to the Master Agreement with the Minnesota Amateur Sports Commission for the Construction and Operation of a Four-Sheet Ice Arena Brian Fritsinger, City Administrator, stated the Minnesota Amateur Sports Commission (MASC) was requesting several amendments to the Master Agreement in order to conform to the Anoka County Financing Agreement. The City originally approved the Master Agreement for the four- sheet ice arena at its January 27, 1997 meeting. Mr. Fritsinger stated that all of the conditions of this approval had been met. Over the past several months, MASC, community representatives and other interested parties have been working on the preparation of a facility design and the issuance of bonds for the project. The bonds have been issued with a closing date scheduled for June 19, 1997. It is necessary for all parties to the Master Agreement to execute an amendment with the following provisions to conform to the Anoka County Financing Agreement: A. Include concession and sponsorship revenues in the annual budget as per financing agreement; B. Add language to preserve the tax-exempt status of the Bonds; C. Change in capital improvement reserve. The final bond amount of $8,440,000 is an increase of the original estimate of $7,400,000, but does not exceed the approved limit of $9,000,000 stated in the Master Agreement. The main reason for the increased costs is the addition of a larger concession area than was originally planned. Paul Erickson, Director of MASC, came forward to address the Council and answer questions. He stated the language of provision A is not inconsistent with the earlier language, and the City's financial obligations have not changed. The City's additional debt service will now be tied to the revenue stream produced by the upgraded concession area. In discussing provision C, Mr. Erickson stated the deposits would be used for the capital fund.