CCP 01-13-1997 - Laserfiche WebLink

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I Memorandum - National Sports Center Ice Arena Master Agreement I Page Four - January 10, 1997 11. Operating Expenses -- A clause has been added which states MASC will contribute the net profit from concessions and sponsorships to the benefit of the facility. Previously MASC got I to keep these profits. (Section III, H) 12. Construction of Facility Language has been added clarifying the down payment timeliness. (Section IV.) I This section is also expected to be revised, based on Ramsey County's ability to fund its portion of the down payments. I SUPPLEMENTAL AGREEMENT WITH HOCKEY ASSOCIATIONS & RAMSEY COUNTY I The Supplemental Agreements with the Hockey Associations and Ramsey County have been combined into one document. The purpose of the Supplemental Agreement is to define the rights and obligations of the parties primarily with respect to the allocation of financial I responsibilities. 1. Escrow 1 Page 3, Scction V, B, 4 addresses the requirement of the escrow account to be maintained by the Hockey Associations. The initial resolution required a $500,000 non- replenishable escrow. The current agreement has been changed to include a slightly .. different approach to the escrow. a. A $300,000 escrow will be established and maintained throughout the life of the agreement. I b. $200,000 will be contributed upon execution of the agreement, with the remaining $100,000 provided at the time of opening. I c. The Associations will contribute an additional $25,00 a year for four years to bring the maximum balance of the escrow to $400,000. d. The Associations agree to maintain the escrow at a minimum balance of I $300,000. In other words, if the escrow falls below $300,000, the Associations will replenish the account. (The requirement of a $500,000 escrow included in the original resolution did not include language which required a replenishment of I the account.) e. If the Associations fail to maintain a $300,000 balance in the escrow fund, MANS reserves the right to impose a surcharge on any rental of ice time to the I Associations. 2. Ramsev County Contribution I Page 2, Section V, B, (1) states the County agrees to contribute the $500,000 down payment to MASC. The County Board did budget for the expenditure in 1997. This I section also addresses the Ramsey County requirement that the cities guarantee the aruma! purchase of 1,000 hours of ice time from the county. -. 1