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Honorable Mayor Henry A. Duitsman <br />City Council for the City of Elk River <br />November ~ 1996 <br /> Page 4 <br /> <br />The City intends to finance the facility, if determined to be financially feasible, through bonds and <br />lease the facility to Minnesota Sports Federation. <br /> <br />The City will consider sale of the facility to Minnesota Sports Federation, after debt retirement, <br />for the sum of $1.00, exclusive of land costs. <br /> <br />The City will consider providing a "fight of first refusal" on the softball fields adjacent to the <br />Minnesota Sports Federation development site, should the City decide to relinquish its <br />ownership/control of this land. <br /> <br />MUTUAL REPRESENTATIONS: <br /> <br />The Minnesota Sports Federation and City intend to mutually cooperate on the following: <br /> <br />Determination of whether the project is feasible through the generation of a reliable financial pro- <br />forma and exploration of financial sources. <br /> <br />2. The schedule and timing for the project. <br /> <br />The determination of a construction company and architect. The City and Minnesota Sports <br />Federation shall comply with public bidding reqtdrements as required by state statute. <br /> <br />4. Local programming options and cost reimbursement, if appropriate. <br /> <br />The potential and process for future facility expansion and the development and management of <br />additional outdoor recreational facilities adjacent to the facility. <br /> <br />The specific terms, conditions, and security for a development agreement, lease/purchase <br />agreement, softball field usage agreement, operations plan including preferences for Elk River <br />citizens, and related agreements. <br /> <br />The City and lVfmnesota Sports Federation agree to cooperatively support existing commitments <br />to the Sherbume County Fair, to provide additional parking during the annual four day county fair. <br /> <br />The Minnesota Sports Federation will submit license applications as required by City ordinance <br />to grant a 3.2 liquor license and charitable gaming for the facility, Minnesota Sports Federation <br />will work with the City to assure that alcoholic beverages will not be dispensed during youth <br /> <br />DC8 500952 <br /> <br />669 'ON <br /> <br /> <br />