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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent anua r2,2007 <br />Item Description <br />Authorize Legal Services \vith Stephen Bubul of I<.ennedy and <br />Gra,ren for Draftin YlVICA Lease <br /> <br />Item Number <br />5.8. <br /> <br />Prepared by <br />Lori ohnson, Ci Administrator <br />Reviewed by <br /> <br />Introduction <br />Iv1r. Stephen Bubul of J<.ennedy & Gra-ven assisted the city \vith researching the financing options for the <br />YlVICA and resolving legal issues related to the financing. No"\v that the city, EDA, al1d YlVfCA ha,re <br />signed the IvIemorandum of Understanding (IYfOU), the next step is to draft a lease bet\veen the same <br />three parties. City Attorney Peter Beck and I are recommending that the city engage Mr. Bubul to draft <br />the lease because of his familiarity \vith the financing issues of this transaction. YlVICA representati~les <br />pre'rlously stated they "\vere comfortable having Mr. Bubul dxaft the lease. <br /> <br />Discussion <br />Iv!r. Bubul is proposing to charge the city $195 per hour for his services and $90 an hour for law clerks <br />and paralegals. The final cost \vill depend upon several factors including how many meetings are required <br />\vith the YlVICA before the lease is ready to be presented to the Council for consideration. Further, <br />although the major issues have already been addressed through the :tvrou, there may be other items that <br />surface as \ve get into the fine details of the lease tllat may affect the time in,rolved in and cost of drafting <br />the lease. <br /> <br />Financial Impact <br />This is part of the $12,000,000 project cost. <br /> <br />Attachments <br /> <br />None <br /> <br />Action Requested <br />The Council is asked to authorize the city to engage Stephen Bubul of I<.ennedy and Gra,ren to draft a <br />lease bet\veen the City of Elk Ri\rer, the Elk Ri,rer Economic Development Authority, and the YlVfCi\. <br /> <br />Council Action <br /> <br />1\.fotion by _ <br /> <br />Second by _ <br /> <br />\lote <br /> <br />Follow Up <br /> <br />s: \ Council \Lori \2007\Auth Legal Services for '11\1 CA Lease. doc <br />