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Resolution 5019
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Resolution 5019
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Last modified
6/25/2019 10:15:10 AM
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1/31/2007 1:53:45 PM
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MV City Council
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<br />. <br /> <br />. <br /> <br />. <br /> <br />Resolution 5019 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING PARTICIPATION IN <br />FINANCING, CONSTRUCTION AND OPERATION OF A <br />FOUR SHEET ICE FACILITY <br /> <br />WHEREAS, the City of Mounds View ("City") has determined a need to provide its <br />residents with access to an indoor ice arena intended to be used predominantly for youth athletics <br />activities~ and <br /> <br />WHEREAS, the Minnesota Amateur Sports Commission ("MASC") proposes to <br />construct and operate a facility consisting of four olympic sized ice sheets and related facilities <br />(the "Facility") on the property of the National Sports Center located in Blaine, Minnesota~ and <br /> <br />WHEREAS, the City has been offered the opportunity to participate in the construction of <br />and operation of the Facility, thereby obtaining a priority right to schedule ice time with respect to <br />the ice surfaces at the Facility~ and <br /> <br />WHEREAS, the financing of the Facility will be undertaken by the issuance of revenue <br />bonds of the Anoka County Housing and Redevelopment Authority (the "HRA"), the proceeds of <br />which will be used to acquire a general obligation bond of Anoka County, Minnesota (the <br />"County")~ and <br /> <br />WHEREAS, the County is required, as a condition to issuance of its general obligation <br />bonds, to receive an analysis provided by a professional experienced in finance supporting a <br />finding the Facility's revenues and other available money will be sufficient to pay debt service with <br />respect to the bonds~ and <br /> <br />WHEREAS, the County, the lIRA, and MASC will enter into agreement pursuant to <br />which the Facility will be financed and constructed, and MASC will pledge revenues of the <br />Facility to the repayment of the bonds~ and <br /> <br />WHEREAS, MASC has proposed that there will be an agreement to be entered into <br />among MASC, the City, and other participating cities setting forth the respective rights and <br />obligations of the parties with respect to the Facility~ and <br /> <br />WHEREAS, Ramsey County has included $500,000 in their 1997 tax levy to participate in <br />the project by funding the initial capital contribution requirement; and <br /> <br />WHEREAS, the City is authorized by Minnesota Statutes, Chapter 475 to enter into an <br />agreement with respect to financing the Facility; and is further authorized by Minnesota Statutes, <br />Section 471.191, to secure its obligations pursuant to the agreement by a first charge on the gross <br />revenues of the Facility and to provide for a levy of taxes for the payment of operating costs of <br />the Facility to the extent that revenues are insufficient therefor. <br />
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