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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 Center to <br /> help meet the recreational needs of the youth and adults of 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 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 /> memodalization of intent for the guidance of future City Councils and for <br /> future Sports Boosters' Board of Directors regarding gymnasium use and <br /> financing; <br /> • Whereas, both the City and St. Anthony Sports Boosters specifically acknowledge <br /> that this Memorandum of Understanding is not a contract or a legally <br /> • <br /> enforceable document but simply a written memorialization of intent for <br /> guidance of future leaders of both bodies; <br /> NOW THEREFORE, the City of the Village of St. Anthony and the St. Anthony Sports <br /> Boosters 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$20,000 per year <br /> of the net profits of charitable gambling,for the construction of the new gymnasium <br /> commencing in 1995, 1996, 1997, 1998, and 1999. Payment will be made by <br /> December 31st of each year. This $20,000 is based on the Sports Boosters receiving <br /> 100,000 net profit per year from charitable gambling. If in any year the net profits <br /> falls under 100,000, the Sports Boosters will donate to the city 20% of their net profits <br /> for that year. <br /> 2. In addition, the St. Anthony Sports Boosters shall pay 60% of all net profits to the city <br /> 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 the <br /> gymnasium situation and the profitability of charitable gambling and will determine <br /> the extent of financial support for the gymnasium that St. Anthony Sports Boosters <br /> can provide for the gymnasium in the year 2000 and beyond. <br />