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WHEREAS, the recommendations of the June 20,2005 OVAL Task Force <br />Report include, ainong others, the following recommendations: <br />R-1: Pursue chiller repairs <br />R-3: Pursue corporate sponsorship <br />WHEREAS, on June 20,2005, the Guidant Foundation made a$500,000 <br />contribution to the Friends of the OVAL Foundation to be used to pursue the <br />chiller repair and other enhancements and upgrades to the Roseville Skating <br />Center. <br />WHEREAS , the Guidant Foundation has contributed an additional <br />$500,000 in seed money to the Friends of the OVAL Foundation for the benefit of <br />the Roseville Skating Center. <br />WHEREAS, the City of Roseville and the Friends of the OVAL <br />Foundation wish to enter into this Agreement: <br />to create a mechanism for maintenance and use of the Guidant <br />Foundation funds; <br />2. and to pursue the goal of achieving long term viability of the <br />Roseville Skating Center. <br />NOW, THEREFORE, it is agreed as follows: <br />This Agreement is undertaken pursuant to Minn. Stat. � 471.15, et <br />seq., which authorize Cities and non-profit corporations to enter <br />Recreational Agreements to provide for the construction and <br />operation of recreational facilities and progra�ns. <br />2. The Guidant Foundation Funds shall be managed as follows: <br />A. It is recognized that Guidant Foundation intent in contributing <br />the $500,000 in seed money was to encourage that their funds be <br />matched by groups, individuals and organizations to establish an <br />endowment fund; the generated income to be used to support the <br />long term financial viability of the Roseville Skating Center. <br />B. It is recognized that at this point the matching goal to get to $1M <br />has not been reached and when it is, it is understood that a <br />minimum of $1 M shall be maintained in the endowment fund <br />with the generated income to be used to supplement the operating <br />� <br />