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11/21/1992 - City Council Special AGENDA SPECIAL CITY COUNCIL MEETING Saturday November 21, 1992 11:45 a.m. I. ROLL CALL & ACKNOWLEDGE AGENDA II. FIELD TRIP TO CENTENNIAL ICE ARENA III. OTHER BUSINESS IV. ADJOURNMENT MEMO TO: HONORABLE MAYOR AND CITY COUNCILMEMBERS FROM: CITY ADMINISTRATOR HEDGES DATE: NOVEMBER 20, 1992 SUBJECT: SPECIAL CITY COUNCIL MEETING/SATURDAY, NOVEMBER 21, 1992 A special City Council meeting has been scheduled for 11:45 a.m., Saturday, November 21, 1992 at the Eagan Municipal Center Building. The purpose of the meeting is to conduct a field trip that tours the Centennial Ice Arena in Circle Pines. At the No ember 5 special City Council meeting, minutes are enclosed on pages-3 through 4, the City Council requested information from the City Administrator regarding financing options, the Centennial Ice Arena financing package, a copy of the site plan for the previous referendums and an updated version of the arena budget. The financing options consider many aspects including an analysis by the City's fiscal consultant if revenue bonds are issued, historical data on pull tabs and other information. The enclosed information includes the following: 1) A memo from the Director of Finance entitled "Centennial Ice Arena Cost/ Financing" on page 2) Information regarding pull tab disbursements and the net profit figures from pull tab operations. This information is enclosed on pages through 7 . 3) Information from Springsted, Inc., which has been analyzed by the Ci Administrator and Director of Finance and is enclosed on pages X through 4) For information on'the operating budget,rate assumption for revenue which projects the 1993 user rates and other preliminary budget projections, refer to pages , through /7. 5) Also enclosed on pages k through k are copies of the projects proposed in 1989 and again in 1992. The schedule for Saturday is a departure at 11:45 a.m. and return at approximately 2:00 to 2:15 p.m. This will allow for approximately 45 minutes of travel time each way and approximately the same amount of time for a tour of the facility. The bus should provide an opportunity for the City Council, Hockey Association representatives and City staff to interact about the attached information and the Centennial facility. The City Administrator and Director of Parks & Recreation will be available to help coordinate information and follow-up on any direction the City Council is seeking as a result of the work session Saturday. In order to proceed with the arena project, it will be necessary to consider the following: 1) Determine an acceptable project cost and financing plan 2) Retain the services of a project management firm or architect 3) Develop a time line 4) Schedule a public hearing 5) Other /S/ Thomas L. Hedges City Administrator cc: Ken Vraa, Director of Parks & Recreation Gene VanOverbeke, Director of Finance Attachments TLH/vmd • MINUTES OF A SPECIAL MEETING OF THE EAGAN CITY COUNCIL Eagan, Minnesota November 5, 1992 A special meeting of the Eagan City Council was held on Thursday, November 5, 1992 at 5:00 p.m. at the Eagan Municipal Center. Mayor Egan and all Councilmembers were present. Also present were City Administrator Hedges, members of the staff and representatives of the Eagan Hockey Association. 1993-1997 CAPITAL IMPROVEMENTS PROGRAM City Administrator Hedges presented an overview of the capital improvements program as it has been developed by staff and refined by Council. He then Introduced Brad Schmidt of the Eagan Hockey Association relative to the ice arena item In the CIP. Mr. Schmidt thanked the City Council for its openness to discuss alternative approaches to ice arena funding and went over a proposal developed by the Hockey Association in that regard. He stated that the proposal included two alternatives; one would be to fund an ice arena together with ball and soccer fields and the other would be to fund an ice arena only. He indicated that the Hockey Association wished to combine several funding sources including$1.3 million from the City's community investment fund,a$200,000 contribution from the Eagan Hockey Association over 20 years, $50,000 in sweat equity from the Hockey Association and $100,000 from an ice arena hourly surcharge for ten years. He stated that would leave a gap of$650,000 to$1,400,000 to fund the respective proposals. He stated that the Hockey Association would propose to meet debt service on these bonds through the contribution noted above, and increased fee on adult recreational teams and two impact fees, one on account transfers for City utilities and another on new building permits. Together,these fees would generate sufficient funds to pay the debt service on the proposed bond sale. Councilmember Wachter indicated that an alternative funding mechanism for the debt service or financing gap could be the use of pull tab proceeds dedicated to a recreational facility. Councilmember Pawlenty asked if all of the interest from the community investment fund was currently being used. Finance Director VanOverbeke indicated that the dollar amounts listed in the CIP consisted of 90% of the proceeds of the community investment fund with 10% being returned to principal each year. Pawlenty also agreed with Wachter that the City should define the amount being raised by pull tabs within the City and investigate how much revenue pull tabs could generate for this purpose. Councilmember McCrea stated that the City should be careful about how much of the pull tab revenue could be used since many positive community activities are also supported by pull tabs, including the Community Action Council, the B. Robert Lewis House, the Crime Prevention Fund and other worthy causes. Councilmember Awada stated that she supports the use of the$1.3 million City allocation for an ice arena project. She stated that she disagrees with the fee increases proposed by the Hockey Association because they have no direct relationship to the use for which they are Intended and therefore could be considered to be additional taxes. She asked for further information relative to research which had been prepared by the Community Development Department relative to the park dedication fee and its use. City Administrator Hedges indicated that he had not had an opportunity to review the Community Development memorandum in that regard and that additional analysis would be performed on its findings. Mayor Egan commented on various aspects of the study,including the impact fees and the potential for pull tab revenue and asked that the staff coordinate additional research. Mr. Schmidt asked that the Council consider the possibility that interest rates would increase in the near future and stated the Hockey Association's hope that the City would move quickly to take advantage of the low interest rates. Council then discussed the specific allocations within the proposal. A question was raised as to whether the fees proposed would raise the revenues projected. Community Development Page 2/EAGAN SPECIAL CITY COUNCIL MINUTES November 5, 1992 Director Runkle responded that the City continues to see a relatively high level of growth and that any projections based on 1992 numbers would probably be high as compared to building levels ls over 20 years. There was particular discussion concerning the additional $100 recreation facility fee for each building permit. Councilmember Awada stated that she was not comfortable in raising taxes or fees for such a facility given the two defeated referendums proposed by the City in the past. She suggested that the$1.3 million City allocation would be a significant base upon which to develop additional financing. She stated that the Hockey Association should pursue private sector support for a large portion of the remainder and suggested that pull tab revenue could be used to fund any gap. She stated that any surcharge on use should be earmarked toward future facilities, such as a second sheet of ice or a community center. Mayor Egan asked that staff review the budget and discuss the possible use of revenue bonds with the City's fiscal consultant to determine whether they can be legally utilized. He also strongly urged that the Hockey Association explore additional corporate giving. Schmidt stated that the Hockey Association had been extremely unsuccessful in getting corporate contributions in the past and that only one Eagan firm had volunteered in that regard. He reiterated the Hockey Association's request for an impact fee on the building permit. Councilmember Pawlenty agreed with Councilmember Awada's comments,but shared the Hockey Association's concern that corporate dollars might not be as easy to raise until the project was certain to be developed. Councilmember McCrea stated that the use of community investment fund would be supported by all Councilmembers and that the concept of revenue bonds should be investigated. She stated that the Hockey Association should pursue pull tab alternatives and asked staff to develop a report on the annual pull tab proceeds in the City. She suggested that perhaps the City could require a percentage of pull tab revenues be dedicated to this purpose. She said it was essential for the Council to understand the feasibility and legality of all of the items proposed and asked that it be placed on a future agenda for further consideration. Councilmember Pawlenty stated that Eagan could not be a major city without an ice arena. He stated that the City already subsidizes other sports activities and operations and that an ice arena is an obvious next step. He also supported the use of pull tabs and private sector support for such a facility. Mayor Egan thanked the Hockey Association for its presentation and indicated that staff would be doing additional analysis of the proposal and its financing elements. He then asked staff to ensure that the new City Councilmembers were invited to all future meetings, workshops and tours so that they could be familiar with these issues as they transitioned into their new roles. Mayor Egan stated that it would be necessary for staff to provide additional information on the cost of a basic,aesthetically acceptable ice arena,that a basic site plan and operating budget be prepared,that the financing options be returned to the City Council and that it be placed on a formal agenda at some point in the future for public input relative to this concept. It was also suggested that a tour of the Circle Pines/ Centennial Ice Arena be scheduled for November 21 at noon for all Councilmembers,new Councilmembers, staff and interested parties. There being no other business, the meeting adjourned at 6:30 p.m. JDH Date City Clerk MEMO TO: CITY ADMINISTRATOR HEDGES FROM: FINANCE DIRECTOR/CITY CLERK VANOVERBEKE DATE: NOVEMBER 17, 1992 SUBJECT: CENTENNIAL ICE ARENA COSTS/FINANCING At your request, I have attempted to follow-up to determine a final cost for the Centennial Arena. Today I spoke to Warren Tester who is the business manager for Centennial Independent School District #12. The school district had a bond referendum for new school facilities. Included in the referendum was a question combining the arena and a performing arts building at the high • school. According to Mr. Tester financing for the arena facility is as follows: $812,000 Bond Issue 300,000 Blaine Hockey 200,000 Anoka County 350,000 School District Capital Expenditures Fund 100,000 Donations (Businesses/Vendors) 25.000 Interest Earnings $1,787,000 Total This total does not include donated labor or full architectural fees of about $100,000. It is Mr. Tester's estimate that this arena would cost about $2.1 million as a free standing facility with full costs attributed to the building/site. Finan Director/City Clerk EJV/jeh £ n 3 - cit y ea of gan MUNICIPAL CENTER MAINTENANCE FACILITY THOMAS EGAN 3830 PILOT KNOB ROAD 3501 COACHMAN POINT Mayor EAGAN,MINNESOTA 55122-1897 EAGAN,MINNESOTA 55122 PHONE:(612)681-4600 PHONE:(612)681-4300 PATRICIA AWADA FAX:(612)681-4612 FAX:(612)681-4360 PAMELA McCREA TIM PAWLENTY THEODORE WACHTER November 19,1992 Council Members THOMAS HEDGES TO: CITY ADMINISTRATOR HEDGES City Admininstrator FINANCE DIRECTOR/CITY CLERK VAN OVERBEKE EUGENE VAN OVERBEKE FROM: ADMINISTRATIVE ASSISTANT WITT City Clerk RE: PULL TAB DISBURSEMENT FOR OPTIMISTS CLUB OF BURNSVILLE,EAGAN LIONS CLUB,AND MINNESOTA VALLEY HUMANE SOCIETY The Optimists Club of Burnsville handed in forms of their donations from June,1991 through June,1992. I recapped disbursements from these dates for the Optimists pull tab operation at Richards Food&Liquor. The disbursement is as follows: Community Action Council $15,155.23 Success Dynamics 6,358.92 IRS 5,896.86 Youth Programs 3,89630 Miscellaneous 2,610.00 YMCA 2,000.00 Special Olympics 1,850.00 Cub Scouts 43S.00 TOTAL $38,20251 The Eagan Lions handed in forms for their donatios from May,1991 through September,1992. I recapped disbursements from these dates for the Lions pull tab operations at Cedarvale Lanes and Valley Lounge. That disbursement is as follows: DARTS S 15,000.00 Vision/Hearing Needs 12,160.62 OWOBOPTE Rehabilitation 10,500.00 Children's Camps/Youth Programs 10,057.65 Heart Fund/Mental Health 9,708.00 Drug Programs(Eagan PD/DARE) 9,350.00 Community Action Council 8,351.05 Lions International Foundation 5,600.00 IRS 5,343.69 B. Robert Lewis House 5,186.00 YMCA 5,000.00 Scouts(Boy/Girl) 5,000.00 Ronald McDonald House 2,000.00 Courage Center 1,000.00 TOTAL $104,257.01 The Minnesota Valley Humane Society of Dakota County handed in reports from November,1991 through October;1992 from pull tab operations at LaFondas and Caspers Cherokee Room. All proceeds for their pull tab operation are disbursed back into the Humane Society minus taxes paid. I have,however,broken the proceeds into the different locations. Taxes S 5,902.00 Casper's Cherkoee Room 98,797.00 LaFonda's(July thru October) 34 331.00 TOTAL $139,030.00 THE LONE OAK TREE . . .THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Equal Opportunity/Affirmative Action Employer • TO: EUGENE VAN OVERBEKE, FINANCE DIRECTOR/CITY CLERK FROM: TINA ZINK RE: MONTHLY NET FIGURES FROM PULL TAB OPERATIONS OF OPTIMIST CLUB OF BURNSVILLE AND EAGAN LIONS CLUB AND MINNESOTA VALLEY HUMANE SOCIETY The following figures are from the Optimist Club of Burnsville which operates pull tabs from Richards Food & Liquor. These figures project the amount of net profit by month. The dates reflected are from June 1991 through June 1992. 6/91 $ 3,282.10 1/92 $ 5,268.69 7/91 3,054.56 2/92 7,206.01 8/91 2,449.68 3/92 7,474.38 9/91 6,852.22 4/92 9,203.04 10/91 4,500.39 5/92 4,899.20 11/91 2,109.38 6/92 4, 604.81 12/91 1,715.62 TOTAL $62,620.08 The following figures are from the Eagan Lions Club which operates pull tabs from Valley Lounge and Cedarvale Lanes. These figures project the combined amount of net profit by month. The dates reflected are from May 1991 through September 1992. 5/91 $ 2,495.66 2/92 $ 5,369.45 6/91 10, 302.54 3/92 5,862.42 7/91 15,963.50 4/92 3,701.12 8/91 12,539.52 5/92 NA 9/91 12,790.59 6/92 3,739.11 10/91 12,888.31 7/92 19,261.71 11/91 6,877.55 8/92 19,186.50 12/91 6,594.71 9/92 14,382.89 1/92 5,499.13 TOTAL $157,454.71 The following figures are from the Minnesota Valley Humane Society which operates pull tabs at LaFondas and Caspers Cherokee Room. Theses figures project the combined amount of net profit by month. The dates reflected are from November 1991 through October 1992. 11/91 $ 8,442.50 5/92 $ 3,674. 00 12/91 2,653.00 6/92 1,871.25 1/92 6,715.50 7/92 13,968.50 2/92 2,598.00 8/92 13,987.70 3/92 4,566.75 9/92 5,127.00 4/92 3,982.00 10/92 20, 114.25 TOTAL $87,700.45 7 11/20/92 15:05 FAX 612 223 3002 SPRINGSTED INC. X002/008 SPRiNQSTED 120 South sixth street Suite 2507 mum FINANCE ADVISORS Minneapo63, MN 55402-1800 1612)3339177 Home Office Fax:(612)349-5230 85 East Seventh place 16655 West Bluemound Road Suite 100 Saint Paul, MN 55101-2143 Br olcfieldWt 55 5935 Fail X12)2233003002 141+4) 782-8222 Pax:(414) 7822904 6800 College Boulevard Overland Peak,KSS0066211.1633 (913) 345-8062 Fax:(913)345-1770 1800K Street NW Suite 831 Washington, DC 20006-2200 November 20, 1092 Fax 0202422334 362 Mr. Eugene VanOverbeke, Clerk Treasurer City Hall 3830 Pilot Knob Road Eagan,MN 55122 Re: Ice Arena Financing Dear Mr.VanOverbeke: You submitted to Springsted Incorporated cost estimates prepared by the Hockey Committee for the financing of an Ice arena. You requested we develop a debt service program to meet the needs of that proposal. Attached as exhibits are debt service schedules for bath of the options requested. There are several assumptions which must be taken into account in financing an ice arena. The City is a statutory city and therefore cannot issue general obligation bonds without a referendum. It is our understanding the City does not intend to have a referendum and therefore all of our assumptions will address financing the facility with revenue bonds. There are two types of revenue bonds that can be considered, gross revenue bonds or lease- purchase revenue bonds. Grose Revenue Bonds Minnesota Statutes, Chapter 471, permit the City to issue gross revenue bonds to finance an ice arena. A gross revenue bond has a first lien on all of the gross revenues of the arena and operation and maintenance costs are paid subordinate to the debt service payments. The City enters into covenants with the bondholders which pledge that the City will continue to own and operate the facility during the entire life of the revenue bond issue. With that pledge the City is committed to continue to operate the facility even if revenues of the facility are inadequate to pay operation and maintenance expenses. This means that the City would be obligated to use other available funds to meet shortfalls in the operating expenses. The advantage to the bondholder is that the City has pledged to operate the frailty and will provide the first stream of revenues to the Debt Service Fund. This provides maximum security. In any evaluation of the gross revenue bond, Investors and rating agencies will look hard at the net operating income to be sure that the facility is, in fact, self-supporting. If it is not,then they R-94% 612 223 3002 11-20-92 02: 13PM P002 #15 11/20/92 15:06 FAX 612 223 3002 SPRINGSTED INC. QD003/008 City of Eagan, Minnesota • November 20, 1992 Page 2 will look very hard at any additional pledge of revenues from the City, their source and their availability if budget times become tough. Lease-Purchase Revenue Bonds The City,through its EDA,could issue lease-purchase revenue bonds to pay for the facility. In this instance, the EDA would issue the revenue bonds secured by lease-rental payments from the City. The lease-rental payments could be met with net revenues of the utility and any other monies the City wished to put into the transaction. In order for the City to be able to enter into the lease, it must be an annual appropriation lease subject to budgeting by the Council each year. The City must maintain the right to be able to not appropriate in an fiscal year without penalty. This obviously puts a greater risk on the Investor, since an Ice arena is not generally considered to be an essential purpose of the City. lithe facility were to become a drain on the cash flow of the City,a future Council could determine it was not in the City's best interest to continue to make lease payments and would have the perfect right to not appropriate,therefore defaulting on the lease. Generally, an ice arena lease-purchase revenue bond is difficult to sell because of the lack of essential purpose of the project and the usual minimum coverage of available revenues to pay debt service. The advantage the City has in this transaction is en initial contribution equal to about half of the total cost of the project,which will come from the City investment Fund. That contribution puts what as referred to as an 'economic compulsion' on the Council to continue to make lease payments rather than forfeit the entire initial Investment. If the City were to not appropriate, then the EDA would have to attempt to sell or re-lease the facility to others to cover debt service cost. General Considerations and Assumptions 1. Rating At best, a revenue bond or a lease-purchase revenue bond will be one notch lower than the City's general obligation bonds. If there is substantial historical coverage to the debt service, the issue will be rated on Its merits as a revenue bond and may, in fact, achieve the same rating as the City's general obligation credit rating, but this Is highly unusual and only in instances where there is substantial historical data. Gross revenue bonds and lease-purchase bonds payable from revenues other than taxes.may not be considered creditworthy by the rating agencies if there is no historical data and if debt service coverage is not sufficiently high. With an ice arena, sufficiently high means that net revenues available for debt service would have to be at least 1.25-1.6 times the debt service. With a new facility and with the limited coverage shown in the tt ns to date, there is a strong likelihood the rating agencies may choose not to the obligation. 2. Interest Rates Current interest rates for a'AA"general obligation,20-year, bond of the City will average about 5.8%. A 'Baa' general obligation, 20-year, bond will be approximately 25 basis points higher, and a revenue bond would add at least 25 basis points more to the calculation. Therefore, it is reasonable to assume that the interest rates on the revenue ' bonds will be at least 60 basis points higher than would be received on a general obligation bond. The numbers used in these schedules are based upon the City of R-95% 612 223 3002 11-20-92 02: 13PM P003 #15 11/20/92 15:07 FAX 612 223 3002 SPRINGSTED INC. Qb 004/008 City of Eagan, Minnesota November 20, 1992 Page 3 Eden Prairie"A"-rated lease revenue bonds Issued this summer, adjusted for changes In the bond market There is no guarantee your bonds will be rated"A"by Moody's. 3. In order to market revenue bonds, a reserve must be established to meet any unexpected shortfalls in available revenues. With a gross revenue bond, the reserve acts as a cushion to the Operating Fund rather than to the Debt Service Fund,since the debt service gets first lien on the revenues. h a lease-purchase transaction,the reserve serves as a protection to the Debt Service Fund since the Debt Service Fund gets secondary lien on the revenues after operation and maintenance. A reserve equal to approximately the maximum annual debt service Is necessary in order to keep the issue marketable. If the reserve is needed to meet a cash flow deficiency,the documents will require that the reserve be brought back up to full level as quickly as possible from the next available surplus revenues. 4. Capitalized Mterest We have assumed construction would commence the spring of 1993 and the facility would be completed during the winter of 1993-1994. For this purpose we have capitalized interest to meet the first year of interest expense on the obligations. We assume the Hockey Association contributions and the ice arena surcharge will not be available until actual' usage of the facility. If the City were to enact a Recreation Fund impact fee or some other revenue stream that generated revenue prior to the completion of the facility, those revenues could be used to reduce the capitalized interest or be used to provide a surplus working fund balance. r3. Rev@nun vallabie The funding sources and revenues available as provided to us are designed to meet only the debt service of the obligations. There is no information relating to the viability of Operating Fund sel f-sufficiency. The Hockey Association's $10,000 per year contribution must be in place for the full 20 years. The ice arena $10,00 per hour surcharge would also have to be in effect for the entire 20 years rather than the 10-year projection if the entire complex, including the Ball and soccer fields, is included in the funding needs. These revenues, plus the projections from the City utility transfer fee, Recreation Fund impact fee and adult recreation team fees, provide barely enough revenue to meet the debt service payments. if there Is not sufficient surplus revenues coming out of the operational portion to provide additional coverage on the bonds,the marketability of the issue is greatly reduced. 6. Term of Issue These issues assume 20-year repayments. This term is longer than typical for an ice arena since the arena will need substantial rehabilitation during that time frame. k is therefore important to be able to address at the front-end a Capital Repair and Replacement Fund and provide some mechanism for being able to keep revenues flowing into that fund. 7. Revenue Assumptions Over half of the projected annual revenue is dependent on a Recreation Fund impact fee on new construction. The estimates assume 772 new homes constructed each year for the next 20 years, or 15,440 new homes. Another 25%comes from utility transfer or /°1 12-95% 612 223 3002 11-20-92 02: 13PM P004 #15 11/20/82 15:08 FAX 612 223 3002 SPRINGSTED INC. 0005/008 City of Eagan, Minnesota November 20, 1992 • Page 4 new connection fees based in large part on that same growth. Less than 25% of the revenue actually comes from the ice arena itself. Reliance on future growth as the primary revenue source is very risky and may not make for a marketable bond issue, Careful study should be undertaken to document the logic used in arty of. these projections. 8. Independent Feasibility_: We strongly recommend that if the City is Interested in proceeding with the construction of the facility an independent feasibility study be undertaken to demonstrate the viability of the project and its ability to fund the entire operation, including debt service. That feasibility study will provide comfort to the City and to the Hockey Association, but also will be very important if the City attempts to get a credit rating on the bonds. Without the independent study, It may be very difficult to market the bonds at any ldnd of interest rates which would be acceptable to all parties. There are several firms which specialize to ecialize in these types of studies and if you need some names, we can provide them you. If you have any questions or desire additional schedules to be run under different scenarios, please do not hesitate to give me a call. Corddially, QP"`""Ar.410; -,-/"."4"--- Ronald W. Lan news Executive Vice President mmr /Saint Paul Office Enclosures • • • • • 11 R■95% 612 223 3002 11-20-92 02: 13PM P005 #15 11/20/92 15:08 FAX 612 229 3002 SPRINGSTED INC. liboommo City of Eagan, Minnesota • Ice Arena Project Assumptions: loe Arena, ice Arena Ball&Soccer Only 1) Composition of Bond Issue (Schedule A) (Schedule B) Project Costs $1,400,000 $650,000 Capitalized Interest 86,229 44,736 Bond Reserve 145,000 70,000 Underwriter's Discount 25,500 12,000 Costs of Bond issuance 33,271 23,264 Total Issue Size $1,700,000 $8Q0,000 2) Construction— Commence 4/1/93 — Completed 411/'84 3) Revenues: (Annual) Eagan Hockey Association —20 Years $10,000 $10,000 Ice Arena Surcharge— 10 Years* 10,000 10,000 City Utility Transfer Fee 92,850 18,425 Recreation Fund Fee— New Construction 77,200 38,600 Adult Recreation Team Fees 12,000 8,000 Total Annual Revenues $142,050 $81,025 *The plan calls for this surcharge to be.for 10 years. If the entire project is to be done than the surcharge will have to remain for the entire 20 years. 4) Interest Rates — Eden Prairie"A'rated Lease Revenue Bonds,adjusted for BBI changes. Prepared by SPRINGSTED Incorporated 17—Nov-92 Eleagice.wk1 File E1230U1 R-95% 612 223 3002 11-20-92 02: 13PM P006 #15 11/20/92 15:08 FAX 012 223 3002 SPRINGSiED INC. 1 007/008 • toe csi�Igss fD � pagi �io tole N iI wo w . . . r w w w . . • w wi .- r�DOl iiecOhoaco44cOo;ii igii ti r , ••1 �► O r0 �-O� aOr 0� ii ii Cf J iis ii!I E s11 ii if ii� li $ 4 a a arr w rr1ri. .74re li r.- mmmgsoa+ a�omm4o�4e� QQ ,Q� ��jj QQ , 0; gi"g"" illiiiiiN a--- iV -------. a a . i I+P.h1:0:4, � 1►1Z1: 1►.I:AAhAI.1:A.Itih. N �J Oa rW • 2 E (21§ §§§§ §§§ § §E§§§§ §§§§42 1 1g ••? fNNN N iNa iiiN aNNNNN vi O " N W r 11!E 1 ! il 1611ii ii 6ii Nllllll ll $ ii .� /rONOfvOm O h ak1 wmti ^OAWhA Q g rr a.r .r.r i Da i.► i*i r.r t .t .r.r.r.r .- a 4. t 000000000OdOOpoOOOOOd I 4 • • C -901: N tl roZgi gills. 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" .=�VQOa�%Alm'.=WOVimaeo ^O�VOONO r r r r r r r r r T T r r r A r EI11"1111 $1111111Ija11 li v • 0 1 • • • • w • • w • • • • • • M a • r lisa IIIIIIII$IIIIIIII1ICDCDe. 0 W W r `" a au�e a Pis 0000 .a.o00ND�otitititititi0-tititi 11 ii d w r O 1fri OOWO 110r linlilm itElgl 1 2 .1Q g W Iflaht �Atiti1�IWiivi iiiii�Q .1 I IC r I Ii v ++. 11 O V e Co a a 0 O 4 CO C O O. O O O Q O o Cr 5:4E'. w w I H w 4 'inl ++�+ �D {DOOrOr fpfpmrOOmgIAOIflg WNO ' K w0 �7PI�D47 W he e1q�4� htirAh r 4 0. P ' PIP IRE1 rrOi 'rtllfNl.. merNO♦ ... V �.1 w w • r w w w�p w w • w r s •t�. r w 1�o w p�� C "r'P►hl�hhhl+N.H1issi@Oeisig r �I OL..4 W w N 1 t ii li IS rp00-El Jour �y M 4 $:;gl 4 ��4IR II 11WF1 V3 AI2:::t 'hW ill : . 1 pq E Eibi if ° 0 : ARENA PRELIMINARY BUDGET PROJECTION This budget is based on a number of presumed assumptions in regards to the operation of the arena. Changes in operational objectives will affect this projected budget. Refinement is expected and changes will occur in most areas such as insurance, staffing and utilities, as more detail is added to the scope of the building project and its programs. PROJECTED ARENA BUDGET PERSONNEL Regular Employees and Benefits $82,000.00 Seasonal and Part Time/Benefits Clerk $10,500.00 Maintenance 10,000.00 Instructors 6,500.00 Ticket/Rink 4,500.00 Total Personal Benefits 31,500.00 Contractual 1,650.00 Over-time 2,500.00 Total Personnel & Benefits $117,650.00 • • SUPPLIES Office Supplies $ 2,100.00 General Supplies/Cleaning 13,500.00 Clothing/Uniforms 1,200.00 Building Repairs 2,000.00 Chemical 2,000.00 Total Supplies $20,800.00 OTHER SERVICES AND CHARGES Telephone $ 1,600.00 Printing/Publishing/Postage 3,100.00 Insurance 8,500.00 Utilities 36,000.00 Mobil Equipment 3,500.00 Cleaning/Wastes 2,500.00 Rental 600.00 Other Contract 3,300.00 Schools/Memberships 1,600.00 Sales Tax Reimbursement 13,000.00 Total Other Services and Charges $73,700.00 Total Preliminary Budget $212,150.00 /6 RATE ASSUMPTION AND INCOME PROJECTIONS Prime time ice $105.00 Non prime time 75.00 Public skating 2.50 Skating school 40.00 gm. H.S. Games 480.00 gm. Soccer rental 85.00/hr. INCOME Ice Rental (A.M.) $ 8,452.00 Ice Rental (P.M.) 13,490.00 Ice Rental (Prime) 104,770.00 Public Skating 8,000.00 School District 8,800.00 Skating School 22,320.00 Hockey Games 5,800.00 Skate Sharpening 4,500.00 Merchandise Sales 1,000.00 Vending Sales 6,000.00 Concessions (Net) 2,000.00 Skate Rental 500.00 Soccer/Rentals 24,480.00 Total Income $210,119.00 it ,■11111111=11 .. . , . -, I HUI 7-11.g . ! Avir- .. ...\ \ . \\‘ . \ .• • . . , 0,--ir_,:.v: \t • • / ',"i",,`,..• \•- • i . -".------ 1' ■ 4 - , _- ... ' Y lit! • 's , .4 - • &.\\..17,'\'. ' 4 • rr:" , :1 t,",,■laillinii=mhimm■ -41M\ i i ,`. -,, il I 4111111111.111M11111. 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