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I I ARDEN HILLS CITY COUNCIL - SEPTEMBER 30. 1996 16 t' MOTION: Keirn moved and Hicks seconded a motion to approve Resolution #96-47, Approving Participation in Financing, Construction and Operation of a Four- I Sheet Ice Facility, Appropriating Money with Respect Thereto, and Authorizing Execution of Documents in Connection Therewith. I Councilmember Aplikowski stated she was the first one on the Council to support this proposal but all of the telephone calls from residents have pleaded with her to not support the project. She commented that this is a very difficult decision. I Councilmember Malone stated the tax liability for 25 years is a concern and that the City would have to guarantee the liability beyond the escrow account as well as the overall finances. He I stated he believes the hockey associations have presented the most favorable financial situation, but he remains concerned about a 25 year liability. He suggested that if this project is that financially secure, a private source would guarantee the financing. I Councilmember Hicks pointed out a major obstacle may be coming up with the $500,000 to establish the escrow so a number of "stops" remain that could "pull the plug on the project". I Councilmember Aplikowski noted the hockey associations have the assurance of a banker to cover the escrow account. Mr. Kreidler stated it was his understanding that the escrow account is Ie not required in full until the rink is ready to open, which will be two years. Mayor Probst clarified that the matter before the Council is consideration of the concept because I the final agreements have not yet been completed. He indicated he is willing to support it since there are fairly onerous conditions that need to be met by other parties in the agreement but if I those conditions can be put together, he believes it is a reasonable project. The motion carried (4-1 Malone). I c. Resolution #96-56 - Authorizing an Application to the Mighty Ducks Capital Bonding Fund I Mr. Fritsinger advised the MASC is asking the Council to adopt the proposed resolution which authorizes an application to the Mighty Ducks Capital Bonding Fund. If adopted, MASC has I requested Arden Hills to act as the vehicle for this grant application and submit it on behalf of the Quad Arena. This request is being made because MASC cannot request funds from itself I MOTION: Hicks moved and Aplikowski seconded a motion to approve Resolution #96-56, Authorizing an Application to the Mighty Ducks Capital Bonding Fund. The I motion carried unanimously (5-0). .. I --------