INFORMATION #3 12-04-1995 - Laserfiche WebLink

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DOj T7 �� X01 Minnesota World Trade lctitt t {i 1 � rc is v tv �nr 1 d l rntcr 11' —i1HL W F-, �,-,rnth c�trrrt I. _- ticrt RUMBLE tilin . �,t, �wiu d '1 )2 ,n': T. & BUTLER " , Attnrnc,+ at la,, _ 340 -558$ December 1, 1995 Mr. Kim Brandell Terpstra, Black, Brandell, Kaminsky & Hoffman 913 Main Street Elk River, MN 55330 Re: Ice Arena Agreements Dear Kim: Enclosed please find: • 1. The proposed Real Estate Agreement between Independent School District No. 728 and the City of Elk River for sale of the ice arena site to the City. If the form of this Agreement meets your approval, I will have Pat Klaers deliver an original executed by the City to Dr. Flanery. 2. The proposed Reciprocal Easement Agreement, to be executed and delivered at the time of closing. 3. The "Mighty Ducks" legislation pursuant to which the arena will be constructed. I have revised Sections 19.1 and 19.3 of the Real Estate Agreement to address the two issues which I mentioned to you with respect to the "Mighty Ducks" legislation. That legislation allows the City to finance the arena provided that the arena and its financing are approved by resolutions of at least two of the following governing bodies: the city; the school board; the county. The county is not proposed to have any involvement in the arena project. Therefore, the logical thing would be for the city and school district to adopt such resolutions. I have therefore added two sentences to Section 19.1 which provide that the Seller will adopt a resolution approving the arena and its financing, and that the adoption of this resolution will be Seller's only obligation with respect to the financing of the arena. The "Mighty Ducks" legislation also provides for a sales tax exemption if the City and school district are parties to a joint powers agreement that governs the ownership, operation and maintenance of the arena. I have therefore revised Section 19.3 to provide that the Buyer and