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<br /> <br />A-I -\.( <br />( if <br />.Yl~ ~ <br />E ~ River TO: <br /> <br />.. ITEM. 3.3. <br /> <br /> <br />MEMORANDUM <br /> <br />MAYOR AND CITY COUNCIL <br /> <br />FROM: <br /> <br />PAT KLAERS, CITY AD <br /> <br /> <br />R <br /> <br />DATE: <br /> <br />NOVEMBER 23, 1994 <br /> <br />SUBJECT: AGENDA MEMO, ITEM NO. 3.3 <br />ICE ARENA PROJECT <br /> <br />3.3A Review Financial Reports <br /> <br />e <br /> <br />As presented to the City Council on November 7, 1994, the Task Force has <br />received feedback from Marquette Partners that the financial adjustments <br />recommended by the Task Force were acceptable. Additionally, Marquette <br />Partners indicated that they would produce an addendum to its original <br />financial feasibility study for the Elk River Ice Arena Project. This <br />addendum is essential in order for the City to sell the bonds and have a <br />sufficient amount of funds available for the project. Task Force Chairman <br />Jeff Gongoll, should have a further update on this issue for the City Council <br />on November 28, 1994. <br /> <br />Construction manager Brad Lemberg is currently working on the Ice Arena <br />Project budget. Brad is basing his assumptions on the Marquette Partners <br />addendum and on the anticipated commitment from the City Council to <br />financially support this project if revenues do not meet projections. At this <br />time it appears that funds should be available to complete the essential <br />elements of the project, but it is also certain that this Ice Arena Project must <br />be looked at in phases and that the 1995 construction project will be Phase I. <br />Mr. Lemberg should have a financial update on the budget for the City <br />Council on November 28, 1994. <br /> <br />City bond consultant Dave MacGillivray, from Springsted, will be present at <br />this meeting to review with the City Council the financial and bond issues <br />that must be evaluated and ultimately approved by the City Council for this <br />project to move forward. Dave will also offer some comments on the timeline <br />for this project from a bond sale point of view and what City Council <br />commitments are necessary in order for the maximum amount of funds to be <br />available for construction. <br /> <br />e <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />