CCP 06-09-1997 - Laserfiche WebLink

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I I CITY OF ARDEN HILLS " MEMORANDUM I DATE: June 6, 1997 TO: Mayor and City Council (jJ I FROM: Brian Fritsinger, City Administra I SUBJECT: Resolution #97-31, Quad Master Agreement Amendment Reque~t I The Minnesota Amateur Sports Commission (MASC) is requesting several amendments to the Master Agreement in order to conform to the Anoka County Financing Agreement. I Background The City originally approved the Master Agreement for the four-sheet ice arena at its January 27, I 1997 meeting. All of the conditions of this approval have been met. Over the past several months, MASC, Community Representatives and others have been " working on the preparation of a facility design and the issuance of bonds for the project. The Board of Directors is expected to give final approval on the design at a June 16, 1997 meeting. The bonds have been issued with a closing date scheduled for June 19, 1997. I As a result of the bond issuance, Bond Counsel has recommended several amendments to the Master Agreement. I What are the Amendments to the Master Agreement? It is necessary for all parties to the Master Agreement to execute an amendment with the I following provisions to conform to the Anoka County Financing Agreement. (See Exhibit k) A. Include concession and sponsorship revenues in the annual budget as per I financing agreement. IILE.I.c I B. Add language to preserve the tax-exempt status of the Bonds. IILE.S C. Change in capital improvement reserve. I I1I.G.l.e How do these Amend~enb affect Arden Hills and Participating Communities? I In discussing these amendments with other cities and Mark Ruff, Financial Advisor for Ehlers & Associates, the consensus is that these amendments are positive for the participating cities. t' Specifically, the amendments give us greater flexibility on the amount of concessions to be used towards debt service. I - - -