4.8. SR 07-25-1994 - Laserfiche WebLink

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. At the February 14, 1994, EDA meeting, the EDA agreed to finance, on a temporary basis, a feasibility study to analyze the finances for a second ice arena. At the March EDA meeting, Marquette Partners was hired to do this project. At the May 9, 1994, EDA meeting, the financial feasibility study by Marquette Partners was presented to the City Council. This study indicated that approximately $181,000 was annually available for debt service and that this would finance approximately $1.85 million in debt. At this meeting, the EDA moved to establish a Task Force to review the feasibility study for possible ways to reduce costs and increase revenues. The Committee consisted of myself, Lori Johnson, Mr. Gongoll, Larry Farber and John Dietz. . The Task Force has met three times (the first time without Lori or myself). The last meeting was held in early June, 1994. The attached recommendation included in Jeff Gongoll's memo is the consensus of the Task Force on the amount of debt service that can annually be financed. This is the consensus of the Task Force and some Task Force members believe that the figure could be higher while other believe it could be lower. Please note that this figure does not include any City contribution nor any Youth Hockey fundraising contribution. It is the goal of the Task Force to have any Youth Hockey fundraising monies and any City contribution put into an emergency debt service, maintenance and repair, or Phase II reserve fund. It should be noted that the Task Force that has been meeting is not the same Task Force authorized by the EDA. Additionally, it should be noted that as this has become a City Council project, and not an EDA project, the City Council should formally appoint this Task Force. The Task Force members that have been meeting are myself, Lori Johnson, Jeff Gongoll, John Dietz, Marly Glines, and Dale Martin. A motion by the City Council appointing this group as the City Council Ice Arena Task Force is appropriate. As previously noted, the Task Force feels comfortable recommending to the City Council that $230,000 will annually be available for debt service. This is about 25 percent more than what the financial feasibility study indicated. The attached material outlines the justification for the changes from the feasibility study. At this time, the Task Force feels that we can move forward with hiring a construction manager to provide further guidance on what can actually be realized in terms of a new facility for this amount of debt. Finance Director Lori Johnson will provide the Council with a verbal update at this 7/25 meeting as to what this $230,000 annually will allow us to do for a bond issue and what will be available for a construction project. .