CCP 06-09-1997 - Laserfiche WebLink

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I Memorandum - Resolution #97-31, Quad Master Agreement Amendment I Page Two - June 6, 1997 -. Prior to the amendments, the budget and debt service was based strictly on the hourly rate being charged for ice time. The amendments allow the debt service to be paid with combined revenues from hourly rate and concession sales. I What was the Total Amount of the Bond Issued? The Anoka County Housing and Redevelopment Authority issued Ice Arena Revenue Bonds in I the amount of $8,440,000. This is an increase in the preliminary estimated bond issuance of $7,400,000. The Council might recall that the original Master Agreement included language I allowing bonding in an amount not to exceed $9,000,000. As a result of the bond issuance being less than the previously approved level 0[$9,000,000 the City Council is not specifically taking any action on the increase in bond size. I What Caused the Increase in the Project Cost? Several items have caused the project costs to increase. Primarily, the cost increase is due to the I incorporation of some of the design criteria MASC obtained on its tour of similar facilities in Canada and on the East Coast. Specifically, the two primary reasons include: 1. A larger concession area with the restaurant equipment being purchased by I MASC rather than leasing the equipment from a vendor. 2. The building size has increased. - What is the Proposed Proiect Design? Exhibit A shows the current design proposed for the four-sheet ice facility. The design is not I drastically different than that initially presented to the City Council in 1996. Staff has been serving on the Architectural Review Committee, and does not have any specific concerns or comments about the design. The "SAMN" group has expressed some concern about the size of I locker rooms # 15 and # 16, but these concerns are not significant enough to create any problems related to the support of the proposed design. The changes in design are primarily intended to I improve the operating efficiencies of the facility. Other changes are cosmetic in nature, such as the main entry area, and also more user-friendly, including meeting rooms, locker room sizes, etc. I Recommended Council Action The Council is asked to consider the adoption of Resolution #97-31, approving an amendment to I the Master Agreement with the Minnesota Amateur Sports Commission for the construction and operation of a four-sheet ice arena. Attachments I 1. Resolution #97-31 2. Certification Form I 3. Amendments (Exhibit A) 4. Design Plans (Exhibit B) -- 5. Sources and Uses Document (Exhibit C) I