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September 30, 1996 <br /> <br />Honorable Mayor Duitsman <br /> and City Council for the <br /> City of Elk River <br /> <br />Re.' <br /> <br />"Letter of Intent" for <br />Minnesota Sports Federation Project <br /> <br />INTRODUCTION <br /> <br />The Minnesota Sports Federation and the City of Elk River do hereby express their intent <br />to mutually proceed with the development of a 59,500 square foot recreational facility. <br />This letter represents the proposed terms and conditions to mutually proceed with the <br />project development and financing. <br /> <br />NOTWITHSTANDING ANYTHING TO THE CONTRARY, HOWEVER, THIS <br />LETTER DOES NOT REPRESENT A BINDING COMMITMENT, BY EITHER <br />PARTY, TO PROCEED WITH THE DEVELOPMENT, FINANCING, OR <br />OPERATION OF THE PROJECT. <br /> <br />PROJECT DESCRIPTION <br /> <br />The proposed development project consists of approximately a 59,500 square foot indoor <br />sports recreational facility to be operated by the Minnesota Sports Federation. The <br />facility is proposed to be constructed on a 6 to 8.5 acre site (final acreage to be mutually <br />determined after review and approval of the site plan) located at the water tower site, <br />south of Highway 10 and bordered by Hudson Street on the west. <br /> <br />The facility will be a multi-use indoor sports facility designed for volleyball, basketball, <br />touch football, indoor soccer, and wrestling. The facility will contain offices, locker <br />rooms, food service, meeting rooms, and will be the official home of the Minnesota <br />Amateur Hall of Fame. <br /> <br />The Minnesota Sports Federation will utilize the facility for conducting clinics, <br />recreational league activities and tournalnents. In addition, the City and Minnesota Sports <br />Federation will work together to develop local programming to benefit area residents. <br /> <br /> <br />