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ITEM 5. 2. <br />ty of� MEMORANDUM <br />l TO: Mayor & City Council <br />River <br />FROM: Pat Klaers, City Admi i r <br />DATE: December 11, 1995 <br />SUBJECT: Ice Arena Project Update <br />I wish to remind the City Council that I will be at the School Board meeting <br />on Tuesday, December 12, 1995, in order to be present when the School <br />Board considers the real estate agreement between the city and the school <br />district for the sale of the ice arena site. A cover letter on this agreement <br />from our city attorney was distributed to the Council last week. The <br />proposed agreement includes a safeguard for the school and the city whereby, <br />if the city does not issue bonds for the project, then the property will revert <br />back to the school district. <br />Attached for your information is an update from the Minnesota Amateur <br />. Sports Commission regarding the status of our Mighty Ducks Grant <br />application. The Commission is requesting clarification on the sources of <br />project funds. This financial information needs to be confirmed and the <br />Commission is seeking written assurances from the city regarding its <br />construction timetable. The Sports Commission is asking that the city sign <br />off that it is prepared to guarantee construction if the grant is received. You <br />will note that in the example at the bottom right, it identifies funding yet to <br />be secured and zero dollars are offered in the example. Obviously the Sports <br />Commission wants to see that the project is 100 percent funded if the grant is <br />received and that there will not be any chance of a city receiving a grant and <br />then not doing the project. <br />• <br />The City Council will need to review the finances for the project on Monday, <br />December 11, 1995, as well as authorize me to sign off on the agreement <br />which states that the city will guarantee construction of the project if the <br />grant is received. Staff is working on the financial information required in <br />this recommendation letter and will have this information to share with the <br />Council on 12/11/95. <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425 <br />