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<br /> -- HWL1-.J. ;J- .i ':;l";;lo 11-' 56 CITY GF SHGREU[~w P.03/05 .. <br /> [)..2 I <br /> Mastet- Agreement. agreement titled "National Sports Center Ice Arena Master .. <br /> Agreement" between all parties involved in the construction of four ice sheets at the <br /> National Sports Center. <br /> IV. TERj\f I <br /> This agreement shall be effective as of the date set forth above, and shall terminate on I <br /> the first day of January of the year 20 or 25 years follOwing the date on which the bonds <br /> sold to fmance the arena are issued and delivered or the day following the final maturity <br /> date of the bonds. I <br /> V. FINANCING <br /> A. Canit}!! Costs - The HOCKEY ASSOCIATIONS will contribute a total of I <br /> $500,000 to the CITIES as the required down payment for the construction of the <br /> facility. This contribution must be made by (date) to meet the deadline I <br /> for the capita! financing for the project. <br /> B. OperatiD<< Costs. To insure that the CITIES meet their annual financial obligation I <br /> to purchase 2080 hours of ice time per year, the HOCKEY ASSOCIATIONS <br /> agree to the following: <br /> 1. Purchase hours of ice time during each year at the "regular hourly rate" for the eI <br /> 'entire teen of this agreement, less any time that is used for co=unity , <br /> program.s, school district programS, or any third party users of the facility that <br /> are credited to the CITIES financial guarantee. <br /> 2. Collect a $50 surcharge for participants from any City that is not part of this I <br /> Supplemental Agreement and remit those monies to the CITIES beginning the <br /> first season that the facility is open. These funds will be held by the CITIES I <br /> in an escrow as a reserve in the event that the CITIES do not meet their <br /> obligation to purchase 2080 hours of ice rental in any given year. This <br /> surcharge shall be indexed annually at the same percentage of any increase in I <br /> the regular hourly rate of the time for the term of this agreement. <br /> 3. Contribute $20,000 per year following the execution of the agreement, to the I <br /> CITIES that will be placed in an escrow as a reserve in the event that the <br /> CITIES do not meet their obligation to purchase 2080 hours of ice rental in I <br /> any given year. This contribution shall be indexed annually based on the <br /> percentage increase in the regular hourly rate ofiee time. <br /> C. Escrow - The CITIES agree to maintain an escrow fund throughout the term of . <br /> this agreement The escrow fund will be funded by the HOCKEY .. <br /> ASSOCIATIONS through the methods noted above and will only be used for t1:e <br /> purpose of meeting the CITIES annual financial obligation as it relates to the <br /> I <br />