Agenda Packets - 1997/01/27 - Laserfiche WebLink

Home Browse Search

01/23/97 17:37 FAX 7855699 NSC IJ010/013 • (f) Commencing on the date that no Bonds remain outstanding under • the Bond Documents, all Guaranteed Rental Income, any amounts remaining under the Bond Documents after the Bonds are no longer outstanding, and any proceeds of business interruption insurance (and to extent of any shortfalls, any other revenues advanced by MASC pursuant to paragraph (b) shall be applied in the following order of priority: (1) the payment of Operating Costs of the Facility; (2) In the event that revenues under this paragraph exceed costs such that the Facility has"profit from rental income" such profit will be assigned to an operating reserve until such reserve has reached an amount equal to one year operating expense. (3) after the operating reserve reaches the maximum amount required under paragraph (2) above, additional"profits" shall be assigned to a capital improvement and repair reserve in such amount as it determined by the Joint Board(but not less than $250,000); and (4) any"profits" in excess of the amounts necessary to maintain the above reserves, shall be allocated by the Joint Board pro rata to each party based upon their Guaranteed Hours. H. OPERATING EXPENSES MASC will be responsible for the operation of the facility and no other party shall be required to contribute any amounts not required pursuant to paragraphs II (Financing) and III.E(Use) and IV(Construction of Facility) of the agreement. As part of the consideration for such undertaking by MASC, MASC may sell products, services and signage commonly known as "concessions" or "sponsorship" at the facility and the revenues and expenses relating to concessions shall accrue to MASC and not to the other parties to this agreement except as required under paragraph III(G)1(b). Notwithstanding the above, MASC shall contribute the net profit from"concessions" and "sponsorships" at the facility to the benefit of the facility. At the option of MASC, such contribution may be used for either capital, operation, reserve or program purposes. IV. CONSTRUCTION OF FACILITY MASC will be responsible in all respects for the design and construction of the facility. MASC may delegate or contract such responsibility as it sees fit. The DOWN PAYMENT portion of the financing shall be made by the Subdivisions as follows: First Part—$250,000 after design approval pursuant to this paragraph IV. Second Part—$250,000 90 days after first part payment. The DOWN PAYMENT portion of the financing shall be made by Ramsey County on behalf of MANS as follows: First Part—$100,000 after design approval pursuant to this paragraph IV. Second Part—$400,000 90 days after first part payment. • Prior to the payment of any part of the DOWN PAYMENT portion of the financing MASC will submit a proposed design to the other parties. The design shall provide for four (4) Olympic sized ice surfaces with permanent seating capacity of not less than 400 sears per rink and 10