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<br />. f' <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Resolution No. 96 - 47 <br /> <br />September 30, 1996 <br /> <br />Page Two <br /> <br />WHEREAS, the City is authorized by Minnesota Statutes 475 to enter into an agreement with <br />respect to financing the Facility; and is further authorized by Minnesota Statutes, Section <br />471.191, to secure its obligations pursuant to the agreement by a first charge on the gross <br />revenues of the Facility and to provide for a levy of taxes for the payment of operating costs of <br />the Facility to the extent that revenues are insufficient therefore, <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />ARDEN HILLS, MINNESOTA: <br /> <br />1, The City hereby determines and agrees to participate in the financing, <br />construction, operation and use of the Facility, provided that the City's <br />participation shall be in an amount established within a supplemental agreement <br />between the Cities of Arden Hills, Shoreview, Mounds View, and New Brighton. <br /> <br />2. The City agrees to secure rental income for the Facility in an amount at least equal <br />to the agreed-upon hourly rental rates times its Percentage Share of agreed-upon <br />prime time hours (not less than 2,080), which rental income shall be passed <br />through for the purpose of paying debt service with respect to the bonds and <br />paying operating costs of the Facility. <br /> <br />3, <br /> <br />The agreement to participate in this project is subject to the following conditions: <br /> <br />A. Approval of the Master Agreement between the MASC and all of the <br />participating communities; <br /> <br />B. Approval of a Supplemental Agreement, including a $500,000 escrow, <br />between the Cities of Arden Hills, Mounds View, New Brighton, and <br />Shoreview and the Mounds View and lrondale Youth Hockey <br />Associations; <br /> <br />C. Approval of a Supplemental Agreement between the Cities of Arden Hills, <br />Mounds View, New Brighton, Shoreview and Ramsey County which <br />includes the County's $500,000 capital contribution toward the project; <br /> <br />D, Review of the final agreements by the City's Accountant and Financial <br />Advisor to determine future impact on the City's Bond rating; <br /> <br />E. Participation in the project by the Cities of Mounds View, New Brighton <br />and Shoreview; and <br /> <br />F, <br /> <br />Financial commitment from communities for all four sheets of ice at the <br />National Sports Center. <br />