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<br />VI-J <br /> <br />MEMORANDUM <br /> <br />TO: <br />FROM: <br />DATE: <br />SUBJECT: <br /> <br />Honorable Mayor and City Councilmembers <br />Dave Osberg, City Administrator <br />August 11, 2005 <br />Authorize Amended Lease Agreement With School District at the <br />Hastings Civic Arena <br /> <br />Recommended Citv Council Action <br /> <br />It is recommended that the City Council take action authorizing an amendment of the <br />agreement with Hastings School District #200 as it relates to the Hastings Civic Arena, <br />and their annual contribution towards the construction of the 2nd Ice Sheet. <br /> <br />Backe:round <br /> <br />The attached agreement dated January 7, 1998 illustrates the School District's <br />responsibility to make payments on an annual basis in the amount of $23,267 for their <br />share of the 2nd Ice sheet that was constructed at the Hastings Civic Arena. By calling of <br />the Civic Arena Bonds, the City will save $221,113 in future interest payments, and the <br />School's Proportion of that amount is projected at $77,389.38. The yearly payment for <br />the School District until the year 2017 is projected to be reduced by $6449.11 a year. <br /> <br />Staff is working on the language to the amendment to the agreement that would result in <br />the School District's payment being set at $16,818 per year, and furthermore allowing <br />payment of that amount to be "rolled" into the hourly ice time rental, with the number of <br />hours ofice time rental projected at 360. Should that number of hours fluctuate, the <br />annual payment would be reconciled accordingly to assure that the actual amount paid by <br />the School District for the 2nd Ice sheet would be set at $16,818. Once the final language <br />ze app~Priate City and School officials will sign the document. <br /> <br /> <br /> <br />David M. Osberg <br />City Adminis or <br /> <br />