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<br /> DRAFT ,.-" "I <br /> AlWE1::LHIl-LS CITY COUNCIL - JUNE 9. 1997 2 <br /> MOTION: Hicks moved and Malone seconded a motion to approve the Consent Calendar as I <br /> .. <br /> submitted and authorize execution of all necessary documents contained therein, <br /> The motion carried unanimously (4-0), <br /> PUBLIC COMMENTS I <br /> Mayor Probst invited the audience to address the Council on any issue not already on the agenda. <br /> There were no public comments, I <br /> UNFINISHED AND NEW BUSINESS I <br /> A. Resolution #97-13, Approving an Amendment to the Master Agreement with the <br /> Minnesota Amateur Sports Commission for the Construction and Operation of a I <br /> Four-Sheet Ice Arena <br /> Brian Fritsinger, City Administrator, stated the Minnesota Amateur Sports Commission (MASC) I <br /> was requesting several amendments to the Master Agreement in order to conform to the Anoka <br /> County Financing Agreement. The City originally approved the Master Agreement for the four- I <br /> sheet ice arena at its January 27,1997 meeting, Mr, Fritsinger stated that all of the conditions of <br /> this approval had been met. Over the past several months, MASC,community representatives <br /> and other interested parties have been working on the preparation of a facility design and the eI <br /> issuance of bonds for the project. The bonds have been issued with a closing date scheduled for <br /> June 19, 1997. it is necessary for all parties to the Master Agreement to execute an amendment <br /> with the following provisions to conform to the Anoka County Financing Agreement: I <br /> A. Include concession and sponsorship revenues in the annual budget as per financing <br /> agreement; I <br /> B. Add language to preserve the tax-exempt status of the Bonds; <br /> C. ehange in capital improvement reserve, I <br /> The final bond amount of $8,440,000 is an increase of the original estimate of $7,400,000, but <br /> does not exceed the approved limit of$9,000,000 stated in the Master Agreement. The main I <br /> reason for the increased costs is the addition of a larger concession area than was originally <br /> planned. <br /> Paul Erickson, Director ofMASC, came forward to address the Council and answer questions. I <br /> He stated the language of provision A is not inconsistent with the earlier language, and the City's <br /> financial obligations have not changed. The City's additional debt service will now be tied to the I <br /> revenue stream produced by the upgraded concession area. In discussing provision C, Mr. <br /> Erickson stated the deposits would be used for the capital fund. <br /> I <br /> .. <br /> I <br />