Agenda Packets - 1996/09/23 - Laserfiche WebLink

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SEP-13-1996 14:54 CITY OF SHOREVIEW P.08/09 WHEREAS,the County,the HRA, and MASC will enter into an 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. NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHOREVIEW: 1. The City hereby determines and agrees to participate in the financing, construction, operation and use of the facility,provided that the City's participation shall be in an . • amount established by a supplemental agreement between the cities of Shoreview, Arden Hills, Mounds View, and New Brighton. 2. The City agrees to secure rental income for the Facility in an amount at least equal to the agreed upon annual hourly rate times its Percentage Share of agreed upon prime " time hours(not less than 2,080)which rental income shall be passed through for the purpose of paying debt service with respect to the bonds and paying operating costs of the Facility. • 3. The Mayor and City Manager of the City are hereby authorized to negotiate an agreement with MASC and the other participating cities including terms specifically authorized hereby, and such other terms as are not inconsistent therewith, and are necessary and appropriate to provide for the financing, construction, operation and use of the Facility: - The motion for the adoption of the foregoing resolution was duly seconded by Member and upon vote being taken thereon,the following voted in favor thereof: and the following voted against the same: • •