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1 <br />1 <br />1 <br />COUNCIL WORK SESSION <br />JANUARY 28, 1991 <br />Mayor Bisel called a work session of the Lino Lakes City Council <br />to order on Monday, January 28, 1991 at 5:55 P.M. Council <br />Members present: Reinert, Bohjanen. Council Members absent; <br />Neal, Kuether. City Planner, John Miller; Administrator, Randy <br />Schumacher and Clerk- Treasurer, Marilyn Anderson were also <br />present. Mr. Fred Dresser, Don Munson and Attorney, Tom Hay were <br />present representing Inside Sports. <br />The purpose of the work session was to discuss the draft of the <br />developer's agreement for Inside Sports. <br />Mr. Miller reminded the Council that Inside Sports had been <br />before the Council on December 20, 1990 and was directed to <br />prepare a draft developer's agreement. A draft has been prepared <br />and will be presented this evening for the Council to review. <br />Mr. Miller reviewed several items in the draft: <br />City of Lino Lakes Obligations: <br />- Lino Lakes would purchase twenty six (26) acres of land for <br />approximately $297,000.00 and sell it to Inside Sports for <br />$1.00. <br />- Inside Sports would "use our best interests" and sell taxable <br />Revenue Bonds for $3,000,000.00. <br />- Lino Lakes would consider the developer's request for a liquor <br />license (Investigation of applicant is a requirement) <br />- Lino Lakes would consider a variance to the uniform building <br />code. (Currently the Code says that a permanent dome sturcture <br />cannot be built. The developer would have to provide evidence <br />that there will be no harm to persons using this facility.) <br />Inside Sports Obligations: <br />- Quarantee minimum market value of $3,000,000.00 as of January <br />1, 1992. <br />- Agree to pay $297,000.00 to Lino Lakes. <br />- Although the draft shows that there will be 9% interest, Mr. <br />Miller recommended that this be deleted or else the debt will <br />just keep on growing. <br />- Lino Lakes will get a maximium of fifteen (15) hours weekly of <br />the site before noon on weekdays. <br />- "No compete" agreement (developer would like this to be <br />limited). <br />- $15,000.00 letter of credit. <br />PAGE 1 <br />214 <br />