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~ \~ <br />~lk Ri <br />ITEM 8.5. <br />MEMORANDUM <br />V~~ TO: Mayor & City Council <br />FROM: Pat Klaers, City Ad rator <br />DATE: July 31, 1995 <br />SUBJECT: Ice Arena Update <br />Since the last presentation to the City Council on the ice arena project on <br />May 22, 1995, not much activity has taken place on this project. On 5/22 it <br />was finally concluded that the project that was desired was about $2.8 to $2.9 <br />million dollars and that only about $2.1 million was available. This $2.1 <br />million dollars that is available comes from a $100,000 contribution from <br />youth hockey and $2 million dollars being available over the life of the bonds <br />from the revenue generated off of two sheets of ice as compared to the <br />operating expenses. <br />Since 5/22, the Task Force has met with the architects as a temporary wrap <br />• up to the project and the Task Force has also met with the president of youth <br />hockey. Additionally, Task Force Chair Jeff Gongoll and I have been <br />following the Mighty Ducks legislation and the activities of the Minnesota <br />Sports Commission as this group is charged with the responsibility of <br />awarding grants from the Mighty Ducks money for ice arena projects. At this <br />point, it is anticipated that a city grant application will need to be submitted <br />in September and grants will be awarded later in the fall or in early winter. <br />Even if the city is fortunate enough to receive $250,000 in Mighty Ducks <br />money, the project is still short of funds. If we are fortunate enough to get <br />the Mighty Ducks monies then we either have to tell the architects to build <br />the best project they can with the money that is available or obtain <br />additional financial commitments from youth hockey or other agencies (i.e., <br />the school or the city). <br />Everyone in Elk River wants a second arena that they can be proud of and <br />does not want to construct another "tin" structure. Accordingly, if we have <br />$2.35 million available, the building will be a very bare minimum shell type <br />of structure. We do not want to end up compromising a design in 1996 which <br />we may regret in the year 2006, simply because we were $200,000 or so short <br />of funds. <br />• council:icearna <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />