3.0. SR 10-17-1996 - Laserfiche WebLink

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It is proposed that the facility will be designed by Minnesota Sports Federation with input from City representatives. The facility will be constructed and financed by the City, after the City deems the project to be financially feasible, and Minnesota Sports Federation will execute a lease/purchase agreement to fully amortize the City financing. MINNESOTA SPORTS FEDERATION REPRESENTATIONS: Minnesota Sports Federation represents its interest in the project and agrees to proceed as follows: Minnesota Sports Federation is a private, non-profit 501(c)3 organization with over 200,000 members and participants in its programs. Minnesota Sports Federation intends that the proposed project will serve as its operational headquarters and primary indoor sports facility. o Minnesota Sports Federation intends to locate the Minnesota Amateur Sports Hall of Fmne as a part of the project. Minnesota Sports Federation intends to lease the proposed facility from the City at a minimum annual cost equal to the City's annual debt service for the project. Minnesota Sports Federation intends to cooperate with the City to encourage programming to enhance local community recreational opportunities. o Minnesota Sports Federation intends to equip the facility with equipment valued at $300,000. ° Minnesota Sports Federation intends to be responsible for all on-going operating costs. o Minnesota Sports Federation has provided a financial pro-fonna, and will work with the City to update as required, which fairly justifies the on-going lease and operating expenses. CITY REPRESENTATIONS The City represents its interest in the project and agrees to proceed as follows: 1. The City will cooperate with Minnesota Sports Federation in the construction, and financing and development of the proposed project. design,