2006-028 Council Resolution - Laserfiche WebLink

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enter into an agreement with respect to support the financing of the Facility; including securing its obligations pursuant to the agreement by a first charge on the gross revenues of the Facility and to provide for the payment of operating costs of the Facility to the extent that revenues are insufficient thereof; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LINO LAKES, MINNESOTA. 1) The City hereby determines and agrees to participate in the support of the operation and use of the Facility, provided that the City's participation shall be in an amount equal to seventy two percent (72 %)" Percentage Share" of one of four ice sheets 1340 hours of the Facility from September to March annually (exclusive of certain time allocated to MASC). 2) The Centennial Cities hereby appropriate $100,000 dollars to be applied to costs of construction and financing of the Facility as follows; City of Lino Lakes appropriates $72,000 City of Centerville appropriates $16,000 City of Circle Pines appropriates $12,000 The City of Lino Lakes' contribution shall be paid according to the following payment schedule; three equal installments of 24k January 15, 2007, January 15, 2008 and January 15, 2009. The City of Lino Lakes shall have the opportunity to make payments in advance if funds become available. 3).The Cities agree to support rental income for the Facility in an amount equal to the agreed upon annual hourly rate times its Percentage Share of agreed upon prime time hours (not less than 1340 hours) which rental income shall be passed though for the purpose of paying debt service with respect to the bonds and paying operating costs of the Facility. To the extent that actual revenues of the Facility, after application to payment of debt service and accumulation and maintenance of required reserves, are inadequate to pay operating costs of the Facility, the City agrees to pay the amount equal to the unsold hours on its designated sheet of ice. In any given year of the 20 year bond repayment period, the City obligation shall be limited to the unsold hours on its designated one ice sheet in the high season of September, October, November, December, January, February and March. 4).The ice sheet shall be offered to primarily the Centennial Youth Hockey Association. In addition, the Lino Lakes Park and Recreation Department will be granted priority access to program ice hours at the new arena and will be given the opportunity to access and publicize all NSC Public skating programs to City of Lino Lakes residents in appropriate city