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of <br />Item 7.1. <br />River MEMORANDUM <br />TO: Mayor & City Council <br />FROM: Pat Klaers, City Administrator <br />DATE: April 3, 1995 ~~~ <br />SUBJECT: Ice Arena Update <br />Ice Arena Task Force Chairman (and School Board member) Jeff Gongoll will <br />be prepared to update the City Council and the School Board on the status of <br />the ice arena project. <br />In brief, the good news is that the project can finance approximately $2 <br />million in debt over 20 years. The bad news is that the bare bones arena that <br />is desired by the Task Force approaches $2.5 million. Accordingly, the <br />project will have to be adjusted or additional funds will have to be raised. <br />Additional funds can be raised through a variety of sources including possible <br />• 1995 state legislation that may provide some grants to help new arenas. <br />Timing has always been an important issue with this ice arena project. The <br />Task Force continues to work on this project and hopes to break ground as <br />soon as possible; regardless if this is June, 95, October, 95, or March, 96. The <br />Task Force wants to be ready to proceed as soon as the budget matches the <br />estimated bids. <br />• <br />City Attorney Peter Beck has been working with the School's Attorney on <br />some of the legal transactions that are necessary in order for this facility to <br />be constructed on School property and then for this facility to be owned and <br />operated by the City. Additional issues such as parking easements, access <br />easements, variances, utility easements, etc., are being worked out in the <br />legal documents. Peter Beck will be available at the joint meeting to answer <br />any questions on this part of the project. <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />