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
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3
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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
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• 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
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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
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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
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•
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
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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
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