Agenda Packets - 1996/09/06 - Laserfiche WebLink

Home Browse Search

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