Laserfiche WebLink
NATIONAL SPORTS CENTER <br /> SUPER RINK EXPANSION <br /> GUARANTEE AGREEMENT <br /> THIS AGREEMENT is made this 1 4. of March 2006, by and between <br /> the State of Minnesota acting through the Minnesota Amateur Sports Commission <br /> ( "MASC "), the National Sports Center Foundation (NSCF'), a Minnesota non -profit <br /> corporation, and the City of Centerville ( "City of Centerville "). <br /> WITNESSETH: <br /> WHEREAS, MASC, pursuant to Minnesota Statutes Chapter 240A, has the <br /> authority to design, construct, own and operate an ice arena and auxiliary facilities; and <br /> WHEREAS, MASC has determined the need for additional ice sheets at the <br /> Schwan Center, and has requested the issuance of tax exempt bonds ( "Bonds ") by the <br /> Anoka County Housing and Redevelopment Authority ( "ACHRA ") for the purpose of <br /> assisting in the financing of an additional ice arena ( "Facility ") consisting of at least four <br /> ice sheets to be located on property ( "Property ") owned by the MASC at the National <br /> Sports Center ( "NSC ") at 1700 — 105th Avenue NE, Blaine, Minnesota; and <br /> WHEREAS, it is contemplated that the total cost of the Facility including the cost <br /> of the design, construction and securing financing will be approximately S 11, 100, 000. 00; <br /> and <br /> WHEREAS, the ACHRA has agreed to issue Bonds for the purpose of financing <br /> a portion of the constniction of the Facility pursuant to certain terms and conditions all to <br /> be set forth in various bond documents ( "Bond Documents "); and <br /> I <br /> WHEREAS, the Property has been leased by MASC to ACHRA in connection <br /> with the issuance of the Bonds; and <br /> I <br /> WHEREAS, ACHRA has subleased the Property to the NSCF; and <br /> i <br /> WHEREAS, pursuant to the sublease, the NSCF is responsible for the <br /> construction and operation of the Facility; and <br /> WHEREAS, the Centennial Youth Hockey Association ("CYHA'), a Minnesota <br /> non -profit corporation, has entered into an ice sheet rental agreement ( <br /> "Ice Sheet Rental <br /> Agreement ") with NSCF and MASC through which CYHA will receive certain priority <br /> rights in scheduling and purchasing up to 1,340 ice sheet hours per year in return for <br /> agreeing to purchase each year a minimum of 860 ice sheet hours. The City of Centerville <br /> is willing to assist in the financing of the Facility by guaranteeing each year 16% of the <br /> 1340 ice sheet hours and in consideration of the CYHA guarantee of 860 hours, the <br /> remaining hour guarantee would be 16 0 /6 of 480 hours annually. <br /> Draft 02/22/2006 1 <br />