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<br />. <br /> <br />. <br /> <br />. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF MOUNDS VIEW: <br /> <br />1. The City hereby determines and agrees to participate in the financing, construction, operation <br />and use of the facility, provided that the City's participation shall be in an amount established <br />by a supplemental agreement between the cities of Mounds View, Arden Hills, New Brighton <br />and Shorevie:w. <br /> <br />2. The City agn~es to secure rental income for the Facility in an amount at least equal to the <br />agreed upon annual hourly rate times its Percentage Share of agreed upon prime time hours <br />(not less than 2,080) which rental income shall be passed through for the purpose of paying <br />debt service with respect to the bonds and paying operating costs of the Facility. <br /> <br />3. The agreement to participate in this project is subject to the following conditions: <br /> <br />a. Approval of the Master Agreement between the MASC and all of the participating <br />communities; . <br /> <br />b. Approval of a supplemental Agreement, including a $500,000 escrow, between the <br />cities of Mounds View, Arden Hills, New Brighton and Shoreview and the Mounds <br />View and lrondale Youth Hockey Associations; <br /> <br />c. Approval of a supplemental Agreement between the cities of Mounds View, Arden <br />Hills, New Brighton and Shoreview and Ramsey County which includes the County's <br />$500,000 capital contribution for the project; <br /> <br />d. Review of the final agreements by the City's Finance Director and financial advisor to <br />detemline that there will be no negative impact to the City's bond rating; <br /> <br />e. Participation in the project by the cities of Arden Hills, New Brighton and Shoreview; <br />and <br /> <br />f Financial commitment from communities for all four sheets of ice at the National Sports <br />Center. <br /> <br />Adopted this 23rd day of September, 1996 <br /> <br />ATTEST: <br /> <br /> <br />Whiting <br /> <br />(SEAL) <br />