Agenda Packets - 1996/12/02 - Laserfiche WebLink

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and the responsibilities of the MASC (the HRA bonds hereinafter to as the "Bonds"), the agreement • among the MASC, the HRA and Anoka County hereinafter referred to as the "Financing Agreement", and the resolutions of the HRA and Anoka and the Financing Agreement, together with any other documents entered into among the MASC, the HRA and Anoka County in connection with the issuance of the Bonds hereinafter collectively referred to as the "Bond Documents"); and WHEREAS, as a condition of issuing the Bonds, the Bond Documents require a collateral pledge of the Master Agreement to the Trustee for the Bonds. NOW THEREFORE, the parties hereto hereby agree as follows: TERM This agreement shall be effective as of the date set forth above, and shall terminate on the earlier of the first day of January, 2024, or the final maturity date of the Bonds. This Master Agreement shall remain in effect until the final maturity date of the Bonds notwithstanding any redemption of the Bonds in advance of the maturity date thereof. II. FINANCING It is contemplated that the total cost of the design, construction and securing financing for the Facility, including any initial deposits for [capitalized interested and reserves required under the Bond Documents) (hereinafter referred to as the"Total Development Costs") will be approximately $9,500,000.00 (nine million five hundred thousand dollars) and is agreed that these costs will be paid from a combination of(i) the Bonds, (ii) non-cash contributions by MASC, (iii) cash contributions from the Subdivisions, and (iv) grants to be made by • MASC to municipalities from bond proceeds of the State of Minnesota which have been appropriated to MASC for this purpose (hereinafter referred to as "Mighty Ducks Grants"). The Total Development Costs will be made available for the Facility by the parties as follows: DOWN PAYMENT MANSR, MASC, Blaine and Coon Rapids will deposit with MASC in escrow a down payment of in the amount of at least $,5'00.000 (five hundred thousand dollars) in cash as described in PART IV below. 1 It is agreed that, in lieu of in addition to a cash down payment, MASC agrees to make available the land on which the Facility will be located and access thereto, as well as to make a contribution of related facilities goods and services described in Exhibit 1. MIGHTY DUCKS GRANTS It is anticipated that Mighty Ducks Granrs will be made to municipalities for the purpose of the Facility in the amount of leas. $500,000 (five hundred thousand dollars), and that the Mighty Ducks Grants will be directly contributed by the recipient to MASC or othenvise assigned under this Master Agreement or the Bond Documents in order to make the proceeds of the grants available for the Facility. Any such grants as may be awarded will be in addition to the down payment requirements referred to above. BONDS