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December 5, 1997 <br /> <br />PUBLIC RESOURCE <br />GROUP, INC. <br />Bt~siness Development & Finance Specialists <br /> <br />Mr. Wayne Simoneau <br />State of Minnesota Department <br />: Of Finance <br />400 Centennial Building <br />658 Cedar Street <br />St. Paul, MN 55155 <br /> <br />Re.' <br /> <br />City of Elk River/Minnesota Sports Federation <br />Minnesota Amateur Sports and Wellness Center <br /> <br />Dear Mr. Simoneau: <br /> <br />On behalf of the City of Elk River and the Minnesota Sports Federation we are <br />submitting a revised Agency Capital Bonding Request. <br /> <br />We wanted to emphasize the direct applicability of this project to the Department of <br />Finance guidelines and overall state impact. For purposes of clarity, I wanted to <br />respond to the four issues of your Nove~nber 21, 1997 memo. <br /> <br />1. Political subdivisions should fund local projects t6 the fullest extent possible before <br /> requesting state assistance for capital costs. <br /> <br />The private and local public participation in this project exceeds state guidelines. The <br />City of Elk River has committed to up to co,tribute $2,000,000 of bonding authority <br />and a parcel of land valued at $526,000. The Minnesota Sports Federation has <br />committed to contribute capital contributions of $1,624,000. As such, the state bonding <br />request is less than 1/3 of the capital cost, versus a state maximum guideline of ~ of <br />the cost. <br /> <br />2. Local governments should provide, at minimum. 50% local match funding for <br /> capital costs. <br /> <br />4205 Lancaster Lane Norrh~ Suite 1D0 · Minneapolis, Minnesota 55441 · (612) 550-7979 · (612) 550-9221 Fax <br /> <br /> <br />