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estimate of 500 memberships) Will other competition prior to <br />the end of the 20 year bond term jeopardize this revenue source? <br /> <br />o <br /> <br />Other MSF revenues. Will MSF use revenue from other sources <br />not associated with this building if sufficient revenues are not <br />available for both debt and operation of the new facility? <br /> <br />o <br /> <br />City pledge. Is the Council willing to pledge that it will continue <br />to keep the facility operational if MSF revenues are not <br />adequate? <br /> <br />Additionally, if the Council wishes to proceed with this project and <br />Springsted determines that it is financially feasible, there are several items <br />which should be required prior to proceeding: <br /> <br />· The MSF contribution plus sufficient cash for equipment and cash <br /> flow be verified. <br />· An accurate construction estimate be obtained. (Because the city <br /> will issue bonds for this project, it will be a city bid project.) <br />· A draft lease agreement be approved by MSF and the city. <br /> <br />Finally, additional financial information was requested from MSF to address <br />some of the concerns outlined in Springsted's letter; this information has not <br />yet been received. If the information is received prior to the meeting, <br />Springsted will revise its comments accordingly. Both Dave and I will be <br />available on Thursday to answer other questions you may have. <br /> <br />admin\msflori2.doc <br /> <br /> <br />