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• <br />FEB. 17.2006 5:18PM <br />EHLERS & ASSOCS. NO. 3947 P. 2 <br />FREERS <br />& ASSOCIATES INC <br />Q To: Tim Yantos, Executive Director <br />From: Mark Ruff & Jessica Cook <br />W <br />E Date: February 13, 2006 <br />Subject NSCF Expansion of Four Sheet Ice Arena Facility in Blaine <br />Project Overview <br />In 1997, the Anoka County FIRA issued $8,440,000 Ice Arena Revenue Bonds (the "1997 Bonds ") <br />secured by the general obligation of Anolca County under the "Mighty Ducks" legislation to fund the <br />construction of a four sheet ice arena. The four sheets, known as the "Super Rink" cost a total of <br />$11,375,000, with the non -bond amount funded by Mighty Ducks grants and funds from the user <br />groups. The facility is owned and operated by the Minnesota Amateur Sports Cormnission (MASC) <br />and its affiliate non - profit, the National Sports Center Foundation (NSCF) on their Blaine campus. <br />Three of the four sheets were "owned" by cities with priority rights to ice time. The three city rinks <br />also carried a pledge to the HRA and County to rent a minimum of 2080 hours per rink and to fund <br />any operating cost shortfalls proportional to not renting the minimum number of hours. MASC <br />pledged to guarantee the hours for the fourth rink and to increase the rented hours on each rink to <br />2,800. The original four sheets have operated successfully for seven years. Exhibit A contains <br />NSCF's historical accounting for revenues and expenditures for the original four sheets. <br />In 2005, MASC requested proposals from construction firms and developers to purchase the <br />Columbia Arena site and to construct four additional sheets of ice adjacent to the Super Rink. Kraus <br />Anderson was the successful bidder, but made its $3,000,000 purchase price of Columbia and its <br />$10,000,000 construction bid contingent upon commencement of construction in 2005 with <br />completion in October, 2006. <br />Source and Uses for Second Four Sheets <br />Sourc: Funds <br />Par Amount ds <br />Farmer Contrib <br />Sale of Columbia <br />Total Sources - <br />Uses Of Funds <br />Total Underwriter's Discount <br />Costs of Issuance_ <br />Deposit to Debt Servic - e Fund (D <br />Deposit to Capital .• terest (CIF) Fund <br />Deposit to Pr.' •nstruction Fund_ _ <br />Conti <br />P.oun• _ ount <br />Total Uses <br />6,600,000.00 <br />1,500,000.00 <br />3,000,000.00 <br />511,1001000.00 <br />79,200.00 <br />75 ,000.00 <br />263,420.85 <br />175,121.78 <br />10,500.000.00 <br />5,000.00 <br />2,257.37 <br />511,100,000.00 <br />LEADERS IN PUBLIC FINANCE <br />3060 Centre Pointe Drive <br />Roseville, MN 55113 -1105 <br />Phone: 651- 697 -8505 Fax: 651- 697 -8555 <br />mark @ehlers- inc.com <br />