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SPECIAL MEETING OF THE ELK RIVER CITY COUNCIL <br />HELD AT THE ELK RIVER CITY HALL <br /> MONDAY, OCTOBER 28, 1996 <br /> <br />Members Present: <br /> <br />Mayor Duitsman, Councilmembers Dietz, Scheel, Farber, and <br />Holmgren <br /> <br />Members Absent: None <br /> <br />Staff Present: <br /> <br />Pat Klaers, City Administrator; Sandra Thackeray, City Clerk; Lori <br />Johnson, Assistant City Administrator; Dave Sellergren, City <br />Attorney; Phil Hals, Street/Park Superintendent <br /> <br />Aisc Present: <br /> <br />Dave MacGillivray, Bond Consultant; Dave Anderson, Park and <br />Recreation Commission Representative; Dana Anderson, Park and <br />Recreation Representative; Jeff Asfahl, Community Recreation <br />Director; Pat Pelstring, Public Resource Group; MSF Representatives <br />Perry Coonce, Barb Northway, and Al Mundt <br /> <br />1. Call Meetinq To Order <br /> <br />Pursuant to due call and notice thereof, the special meeting of the Elk River City <br />Council was called to order at 5 p.m. by Mayor Duitsman. <br /> <br />2. Consider Council A.qenda <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE 10/28/96 AGENDA. <br />COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />3. Discuss MSF Proposal and Letter of Intent <br /> <br />City Administrator Pat Klaers indicated that the City Council held a worksession on <br />October 17 to begin formal discussions between the Minnesota Sports Federation <br />(MSF) and the City of Elk River for the construction of a sports facility in Elk River on <br />property which would be donated by the City. The City Administrator indicated <br />that the purpose of this meeting is to continue discussions regarding the proposed <br />MSF sports complex. The City Administrator stated that this meeting would center <br />on certain issues that need to be clarified prior to entering into a Letter of Intent <br />with the MSF. <br /> <br />Assistant City Administrator Lori Johnson indicated that staff has been working <br />with City Bond Consultant Dave Macgillivray of Springsted to review the financial <br />aspects of the proposal. She indicated that the City has some concerns <br />regarding the exposure that this type of project would have on the City. <br /> <br />Dave MacGillivray of Springsted indicated that the City does have statutory <br />authority to finance this type of transaction. He recommended that the City <br />finance the project through gross revenue bonds. Dave MacGillivray indicated <br />that by financing through gross revenue bonds, the City must pledge that it will <br />operate the facility for the life of the bond issue which is approximately 20 years. <br />Dave MacGillivray discussed the components of the pro-forma for the MSF sports <br /> <br /> <br />