INFORMATION #2 01-06-1997 - Laserfiche WebLink

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Honorable Mayor Henry A. Duitsman City Council for the City of Elk River November 18,1996 Page 2 It is proposed that the facility will be designed by Minnesota Sports Federation with review and approval by City representatives. The facility will be constructed and financed by the City, if the City deems the project to be financially feasible, and Minnesota Sports Federation will execute a lease/purchase agreement to fully amortize the City financing. MINNESOTA SPORTS FEDERATION REPRESENTATIONS: Minnesota Sports Federation represents its interest in the project and intends to proceed as follows: Minnesota Sports Federation is a private, non-profit 501(c)3 organization with over 200,000 members and participants in its programs. Minnesota Sports Federation intends that the proposed project will serve as its operational headquarters and primary indoor sports facility. Minnesota Sports Federation intends to locate the Minnesota Amateur Sports Hall of Fame as a part of the project. Minnesota Sports Federation intends to net lease the proposed facility from the City at a minimum annual cost equal to the City's annual debt service and related project costs. Minnesota Sports Federation intends to cooperate with the City to encourage programming to enhance local community recreational opportunities. Minnesota Sports Federation intends to equip the facility with equipment valued at $300,000.00. Minnesota Sports Federation intends to be responsible for all on-going operating costs. Minnesota Sports Federation has provided a financial pro-forma, and will work with the City to update it as required by the City, which accurately reflects the revenues, project costs, on-going lease and operating expenses. Minnesota Sports Federation will not undertake any actions, change its organizational structure, or change its operational parameters that will adversely affect the tax-exempt status of the project bonds. DC8500952