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 5 tournaments. Should Minnesota Sports Federation meet traditional guidelines for approval, the City would expect to approve these licenses. pRE-DEVELOPMENT COMMITMENTS: In consideration of these representations and intentions the parties do hereby intend to proceed as follows: To conduct a financial feasibility analysis at Minnesota Sports Federation's cost of the project to forecast anticipated revenues and expenses and an overall financing plan, said cost not to exceed $7,500.00 without Minnesota Sports Federation's consent. An initial determination as to feasibility is the primary determinant as to whether to proceed with other activities. Minnesota Sports Federation shall provide the City with reliable revenue projections prior to the City's commitment of significant time or money in further investigation or negotiation activities. To select a project construction company (determined by selecting the lowest responsible bidder) and architect. 3. To initiate further design and develop detailed specifications for the facility. 4. To establish facility operational parameters. The City and Minnesota Sports Federation anticipate that all development costs will be included as a part of the project. In the event, however, that the project does not proceed, the parties agree to pay costs as follows: (1) The City agrees to pay up to $3,000.00 for a preliminary financial analysis of the project; (2) IVEnnesota Sports Federation agrees to pay for preliminary architectural development costs for the project; and (3) ~finnesota Sports Federation and the City agree to pay for their individual direct expenses. Either party to this letter may terminate the activities described in this letter at any time at its sole discretion by written notice to the other party. The City of Elk River /V Cit~ Clerk Miata Sports Fe~ DCS 500952