Agenda Packets - 2013/05/06 - Laserfiche WebLink

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agreement among the MASC, the HRA or Anoka County (hereinafter referred to as the "Financing Agreement"), and the resolutions of the HRA and Anoka County 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: I. 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. The Subdivisions and Ramsey County shall have the continued right to participate as per section XI. 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 interest 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 Ramsey County, 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, SAMN, MASC, Blaine and Coon Rapidsmill deposit with MASC in escrow a down payment in the amount of $500,000 (five hundred thousand dollars) in cash as described in PART IV below. Ramsey County will make the $500,000 payment on behalf of SAMN. It is agreed that, 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 the related facilities and equipment described in Exhibit C. MIGHTY DUCKS GRANTS, It is anticipated that Mighty Ducks Grants will be made to municipalities for the purpose of the Facility in the amount of least $500,000 (five hundred thousand dollars), and that the Mighty Ducks Grants will be directly contributed by the recipient to MASC or otherwise 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, MASC agrees to use its best efforts to obtain net financing available for construction and permanent financing from the proceeds of the Bonds to be issued from the HRA under the Bond Documents in the amount of not to exceed $9,000,000 (nine million dollars). Each party will cooperate with Anoka County or its designee and will perform such covenants and obligations as it undertakes to Anoka County. As more fully set forth below, all rights granted under this Master Agreement will be assigned to the bond trustee under the Bond