City Council Resolution 1993-04RESOLUTION 93-4
RESOLUTION GRANTING CONDITIONAL AUTHORIZATION
TO CONDUCT A GENERAL REFERENDUM
ON THE ISSUANCE OF G.O. BONDS FOR
COMMUNITY ARENA
WHEREAS, Monticello City Council and Parks Commission have reviewed various
options for development and financing of a community arena; and
WHEREAS, based on the financial performance of other similar arenas, it has been
determined that facility design and construction features necessary to attract users
and thereby generate revenue requires a capital investment of $1,000,000 in the
primary structure and fixtures; and
WHEREAS, Monticello City Council has received a recommendation from the Parks
Commission to approve this resolution based on its research on the matter.
LET IT, THEREFORE, BE RESOLVED THAT the Monticello City Council hereby
commits to authorizing a general referendum on the issuance of general obligation
bonds in the amount of $850,000 at such time that the following steps are achieved.
1. The Monticello Hockey Association must obtain a legally binding
commitment from the Township to pay the City an amount equal to the
township's share of debt service on $450,000 based on relative market
values of the City and Township.
2. The Hockey Association shall secure $100,000 in cash and donations to
supplement the $850,000 bond and shall commit a minimum of $50,000
in sweat equity labor toward construction of the facility.
3. The Hockey Association shall pay for the cost to conduct the general
referendum.
4. The Hockey Association shall obtain a commitment from the School
District to provide the City of Monticello with the proposed 10 -acre
community arena site, which is located at the northeast corner of the
school campus area.
5. The Hockey Association shall obtain written commitments from various
associations and organizations that desire to rent ice time from the
facility.
Resolution 93-4
Page 2
6. Land use issues regarding zoning, conditional use permits, and site plan
design shall be resolved prior to authorization to conduct the
referendum.
7. Miscellaneous expenses and revenue sources associated with utilities
construction, parking lot development, site preparation, etc., shall be
detailed prior to the referendum. Said expenses shall be funded by
sources other than the general obligation bond.
8. This resolution shall be valid for a period of 18 months.
9. The final community arena development budget and associated G.O.
bond amount required to finance the structure may be amended to
reflect construction cost inflation.
LET IT ALSO BE RESOLVED THAT potential funding of park facilities development
associated with Parks Commission planning and priorities shall be set apart from the
Monticello Community Arena program and will not be affected in the event the
general referendum is successful.
Adopted this 22nd day of February, 1993.
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City Administr or