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MEMORANDUM OF UNDERSTANDING <br /> WHEREAS, the City of St. Anthony is planning to build a new St. Anthony <br /> Community Center; <br /> WHEREAS, the City intends to include a gymnasium in such new Community <br /> Center to help meet the recreational needs of the youth and adults of <br /> St. Anthony; <br /> WHEREAS, the St. Anthony Sports Boosters is also interested in insuring that the <br /> recreational needs of the youth and adults of St. Anthony are being <br /> served; <br /> WHEREAS, the St. Anthony Sports Boosters is interested in providing financial <br /> assistance to the City through charitable gambling profits for the <br /> construction and operation of the new gymnasium; <br /> WHEREAS, both the City and St. Anthony Sports Boosters desire a written <br /> memorializaiton of intent for the guidance of future City Councils and <br /> for future Sports Boosters' Boards of Directors regarding gymnasium <br /> use and financing; <br /> WHEREAS, both the City and St. Anthony Sports Boosters specifically <br /> P Y <br /> acknowledge that this Memorandum of Understanding is not a <br /> contract or a legally enforceable document but simply a written <br /> memorialization of intent for guidance of future leaders of both bodies. <br /> NOW, THEREFORE, the City of St. Anthony and the St. Anthony Sports Boosters <br /> agree to the following intent regarding gymnasium use and financing: <br /> 1 . -The St. Anthony Sports Boosters will donate to the City the sum 'of $50,000 <br /> per year for the construction of the gym commencing in 1995, 1996, 1997, <br /> 1998, and 1999. Payment will be made by December 31 st of each year. <br /> This $50,000 is based on the Sports Boosters receiving $108,000 net profit <br /> per year from charitable gambling. If in any year the net profit falls under <br /> $108,000, the Sports Boosters will donate to the City 42% of their net <br /> profits for that year. <br /> 2. In addition, the St. Anthony Sports Boosters shall pay 60% of all net profits <br /> to the City over $135,000 in any given year to be applied to the gymnasium. <br /> 3. In the year 1999, the City and the St. Anthony Sports Boosters will review <br /> • the gymnasium situation and the profitability of charitable gambling and will <br /> determine the extent of financial support for the gymnasium that St. Anthony <br />