02/27/2006 Council Packet - Laserfiche WebLink

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• • NATIONAL SPORTS CENTER SUPER RINK EXPANSION GUARANTEE AGREEMENT THIS AGREEMENT is made this day of March 2006, by and between the State of Minnesota acting through the Minnesota Amateur Sports Commission ( "MASC "), the National Sports Center Foundation ( "NSCF "), a Minnesota non -profit corporation, and the City of Lino Lakes ( "City of Lino Lakes "). WITNESSETH: WHEREAS, MASC, pursuant to Minnesota Statutes Chapter 240A, has the authority to design, construct, own and operate an ice arena and auxiliary facilities; and WHEREAS, MASC has determined the need for additional ice sheets at the Schwan Center, and has requested the issuance of tax exempt bonds ( "Bonds ") by the Anoka County Housing and Redevelopment Authority ( "ACHRA ") for the purpose of assisting in the financing of an additional ice arena ( "Facility ") consisting of at least four ice sheets to be located on property ( "Property ") owned by the MASC at the National Sports Center ( "NSC ") at 1700 — 105th Avenue NE, Blaine, Minnesota; and WHEREAS, it is contemplated that the total cost of the Facility including the cost of the design, construction and securing financing will be approximately $11,100,000.00; and WHEREAS, the ACHRA has agreed to issue Bonds for the purpose of financing a portion of the construction of the Facility pursuant to certain terms and conditions all to be set forth in various bond documents ( "Bond Documents "); and WHEREAS, the Property has been leased by MASC to ACHRA in connection with the issuance of the Bonds; and WHEREAS, ACHRA has subleased the Property to the NSCF; and WHEREAS, pursuant to the sublease, the NSCF is responsible for the construction and operation of the Facility; and WHEREAS, the Centennial Youth Hockey Association ( "CYHA "), a Minnesota non - profit corporation, has entered into an ice sheet rental agreement ( "Ice Sheet Rental Agreement ") with NSCF and MASC through which CYHA will receive certain priority rights in scheduling and purchasing up to 1,340 ice sheet hours per year in return for agreeing to purchase each year a minimum of 860 ice sheet hours. The City of Lino Lakes is willing to assist in the financing of the Facility by guaranteeing each year 72% of the 1340 ice sheet hours and in consideration of the CYHA guarantee of 860 hours, the remaining hour guarantee would be 72% of 480 hours annually. Draft 02/22/2006 3,5 -