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<br />I <br />I Memorandum - National Sports Center Ice Arena Master Agreement <br /> Page Five - January 10, 1997 <br />" <br /> Section V, B, (2) clarifies that the Associations agree to purchase the 2,080 hours from <br /> MASC and the 1,000 hours from the County. <br />I REVIEW OF BOND RATING IMPACT <br /> The City Managers have discussed the impact on municipal bond ratings with Springsted and <br />I Ehlers and Associates. Springsted has reported that the debt will count as reportable debt, but it <br /> has no impact on rating unless we don't fulfill our obligation. Ehlers has basically agreed with <br /> this statement. <br />I These public financial advisors have indicated that the obligation is a disclosure item on any <br /> future bond issuance. There is no direct impact on bondable capacity. <br />I PARTICIPATION OF NEIGHBORING CITIES <br /> Mounds View, New Brighton and Shoreview adopted similar resolutions in September to that <br />I adopted by Arden Hills. No one has withdrawn for any reason. Arden Hills is the first of these <br /> cities to act on the final Master Agreement. Blaine and Coon Rapids have already approved the <br /> Master Agreement. <br />I FINANCIAL COMMITMENT TO FOURTH SHEET OF ICE <br />.. At this time, MASC has committed its financial resources to the fourth sheet of ice. No cities or <br /> other governmental agencies have committed. The Centennial Hockey Association has <br /> committed to using one-half of the ice time. The City of Roseville is still considering the other <br />I half. While MASC is currently liable for all responsibilities of the fourth sheet, it will continue <br /> to pursue other agencies or tenants to eventually assume these responsibilities. <br />I Action Reouested <br /> The MASC requests Council consideration and approval of the Master and Supplemental <br /> Agreements. <br />I Should the City approve the Agreements, staff would recommend the approval be subject to the <br /> following conditions: <br />1 I. Participation in the project by each member of MANS (Mounds View, Arden <br /> Hills, New Brighton and Shoreview); <br />I 2. Approval and execution of the Supplemental Agreement, between the Cities of <br />I Arden Hills, Mounds View, New Brighton, Shoreview, Ramsey County and the <br /> Mounds View and lrondale Youth Hockey Associations; <br />I 3. Rcceipt of the $200,000 escrow payment from the Mounds View and Irondale <br /> Hockey Associations upon execution of this agreement. <br />it 4. Paymcnt of the $500,000 down payment by Ramsey County to MASC. <br />I <br />