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<br /> I <br />Memorandum - National Sports Center Ice Arena Master Agreement 1 <br />Page Two - January 10, 1997 <br />MASTER AGREEME~T -- <br />1. General <br /> The original draft of the Master Agreement attached to Resolution #96-47 was I <br /> dated June 18, 1996. The Agreement has been revised numerous times since this <br /> initial draft. The Attorney General's Office and the City Attorney have reviewed <br /> the document and also made a number of revisions. As of the date of preparation I <br /> of this report, several minor revisions or corrections are still expected to occur. I <br /> will not review all of the changes to the document, but will attempt to address any <br /> of the significant areas which were amended. I <br />2. Term <br /> The term has been clarified to be approximately twenty-five (25) years or the final I <br /> maturity date of the bonds. (Page 2, Section I) <br />3. Financing I <br /> The total cost of the project has been estimated at $9,500,000.(Page 2, Section II) <br /> The initial capital cost will be financed by a $500,000 down payment from each 1 <br /> ofthc communities and a $500,000 Mighty Ducks Grant. Ramsey County will <br /> make the $500,000 payment on behalf of the communities involved in our rink. <br /> The Mighty Ducks Grant was approved by MASC. f/I <br /> The Anoka County HRA will issue bonds to finance the remainder of the project. I <br />4. Facility Operation <br /> An issue of concern identified by participants was the consideration by MASC to 1 <br /> operatc other similar facilities. To address this, a clause was added stating that <br /> MASC will not staff and/or operate any other ice complex without the consent of <br /> the Joint Board. (Page 3, Section III, C) I <br />5. Joint Board <br /> Page 3, Scction III, D addresses the Joint Board to be created to oversee facility 1 <br /> operations. In order to compensate for Ramsey County's participation, the size of <br /> the Board has doubled. This allows for one representative of Ramsey County, and <br /> one individual representing the Cities of Mounds View, Arden Hills, New I <br /> Brighton and Shoreview as a group (MANS), to have a seat on the Board. <br />6. Usc 1 <br /> Page 4, Section III, E addresses the use of the facility. This section of the <br /> agreement has incorporated significant changes when compared to the original I <br /> document reviewed by Council. <br /> -- <br /> I <br />