7.1. SR 04-29-1996 - Laserfiche WebLink

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City of iver Item 7.1. TO: FROM: DATE: SUBJECT: MEMORANDUM Mayor & City Council Pat Klaers, City Adi~.~¢~/~, ator April 29, 1996 t~f// Ice Arena Bids The bids for the ice arena project were opened on Tuesday, April 23, 1996, and, on a preliminary review basis, the bids look good and are slightly under the Mortenson estimate. If the city receives the Mighty Ducks Grant in the amount of $250,000, then the project will be very close to being financially feasible. The grants announcement is expected on April 30, 1996. The arena project is estimated at somewhere between $2.65 and $2.75 million. This excludes all of the city and Utilities contributions and the other contributions arranged by the Youth Hockey Association. In general, this is the balance of the project and is in addition to some of the previous expenditures that have taken place (i.e., Marquette Financial feasibility study), but this $2.65 - 2.75 figure includes 100% of the architect, construction management and ice consultant fees. Based on the information submitted in the Mighty ~Ducks Grant application, the city has $2.65 million available for the project. This includes the city's $50,000 contribution, the $50,000 contribution from the Rogers Plastic Foundation, and assumes $2.1 million being available through the bond issue based on the amended Marquette study (available revenues over expenditures on an annual basis). The revenues also include $200,000 from Youth Hockey, some of which has already been spent and some of which is in the form of pledges. At this point, staff expects to make a recommendation on the project and bids on May 6, 1996 after the grant announcements. If this project is to take place, the city would then be responsible for another fund and this would be a new endeavor for Elk River. 13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425