Agenda Packets - 1996/06/03 - Laserfiche WebLink

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CITY NEW BRIGHTON TEL :6382044 Apr 26 '96 12 :37 No .017 P .02 BOND FINANCING MASC will use its best efforts to secure net financing available for construction in the amount of at 40 least 56.000,000 (six million dollars) from Anoka County.the State of Minnesota or a city or munici- pality within Anoka County. Each party will cooperate with such bonding authority and will perform such covenants and obligations as it undertakes to the bonding authority. "The annual operating budgets for the facility shall include amounts necessary to pay debt srtvfr4' nn the bnntic. As described below under Mit,the parties heretn will be obligated to make certain fixed rental payments for a specified of ice time in amounts which will cumulatively provide for the payment of all operating and debt service vests of the arena." If for any reason,(including refusal of a party to make covenants deemed essential by the bonding authority) bond financing is not secured,this agreement shall be void and all of the cash downpay- meets shall be refunded to the panics except for 55,000 from each party, receipt of which by MASC is hereby acknowledged as an amount separate from and in addition to the downpayment required under ph IV. V. FACILITY OPERATION A. OWNERSHIP Title to all real estate.will be held in the name of the MASC. Title to buildings, fixtures and equip- ment relating to this agreement shall be held in the name Anoka County until the bonds have been fully retizrd. B. LIA BI ITY __. _ . , __ For purposes of this agreement MARC shall he the operator of the facility and shall be responsible for all operational decisions which may give rise to tort liability by reason of the operation of the facility. MANSS,Blaine,Coon Rapids and FOSLP shall be liable only for obligations undertaken .by them pursuant to contract. MASC may procure such insurance or elect to proceed under Minnesota State Tort Liability Act as it deems appropriate. C. STAFFING AND OPERATING MASC will hire, supervise and coordinate all permanent and temporary staff necessary and conve- nient to operate the facility. For purposes of determining operating expenses,MASC may make such reasonable allocations of the overall expense operation of the National Sports Center expense to the facility as fairly represent the.coat of all staff performing work on behalf of or beneficial to the facility. MASC may in its sole discretion delegate the operations of the facility to the National Sports Center Foundation. D. POLICY There shall be a board of directors consisting of one=amber appointed (or elected) by each of the parties to this agreement. The board shall exercise such powers as are set forth in this agreement and/or the bond documents including. 1. Establishing procedures for the fair and equitable exercise of rights relating to this agreement_ • 2. Approval of an annual operating budget consistent with this agreement and the bond docu- ments. 2