4. ICESR 05-15-1997 rk? *
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MEMORANDUM
it M
1k RiverTO: Ice Arena Commission
FROM: Patrick D. Klaers, City Administrator
DATE: May 15, 1997
SUBJECT: Agenda Memo
A special Ice Arena Commission meeting has been called by Chair Dale
Martin for Thursday, May 15, 1997, at 7 p.m., to discuss heating in the locker
room area.
Youth Hockey is committed to completing the locker room areas and part of
this commitment includes heat. In reviewing the heating proposal from
B & D Plumbing, the concept of sub floor heating was introduced. With
limited knowledge of the concept, the sub floor heating proposal appears to be
beneficial to all parties involved. As I understand the situation, for
approximately an additional $6,000 the city can:
• provide more hot water for the Zamboni which is needed for the
resurfacing of two sheets of ice
• reduce heating bills and overall operating expenses (25% payback?)
• reduce roof maintenance expenses as only one air handling (heating)
unit will be installed instead of two.
For the additional $6,000, I understand that the city will be receiving an
additional boiler and reserve water tank, the heating coils would be installed
in the locker room floor area, one air handling roof unit would be installed
instead of two, and two additional inches of"concrete" would be added to the
locker room areas over the heating coils.
In my discussion with the building official (who will be at the Thursday
meeting), it appears as though this type of heating system is reliable and has
been installed in other buildings and has a somewhat dependable history. In
other words, we are not breaking new ground with this type of heating
system and the building official recommends this installation.
• My only concern with the proposal is the funding. Attached for your review is
the financial information that was used in obtaining the bonds for the ice
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425
arena project. This information was based on the adjusted Marquette
• Partners study and this information was also the basis for the city 1997 ice
arena operating budget (see attachments). Unfortunately, nowhere in these
budgets are capital outlay items discussed or considered. This presents us
with a problem as even $6,000 in expenditures (or a $10,000 expenditure for
a public address system) was not envisioned as a budget issue when the new
arena was planned. Besides capital outlays not being in the budget, we don't
know if the city will receive all of the revenues that are being projected or
will be able to keep the expenditures to the level that is being proposed. This
makes authorizing additional expenditures very difficult.
If the City Council is to accept a proposal for this sub floor heating, then
reserve funds will have to be accessed and used. Equipment/Infrastructure
reserves are available for this type of expenditure if deemed appropriate by
the City Council. I think that is the issue that needs to be evaluated by the
Council and, in this regard, the Commission may need to "sell" the proposal.
• Attachments:
• Financial Data for Bonds
• 1997 Budget
• Revised Marquette Study
6/74
ESTIMATED ELK RIVER ICE ARENA OPERATING AND MAINTENANCE BUDGET 3
BUDGET YEAR J
• 1996-1997' 1997-1998 1998-1999
Revenues •
Ice Rental $ 295,970 $ 337,115 $ 348,914
ISD 728 Ice Rental 27,600 27,600 28,000
Admissions 25,000 30,000 30,000
Sign Rental 15,000 20,000 20,000
Dry Floor Events 6,000 6,000 6,000
Concession Rent 20,000 20,400 21,000
Vending Machine 18,000 20,000 20,000
Skate Sharpening 3,500 5,000 5,000
Miscellaneous 1.500 1.500 1.500
Total Revenues 412,570 467,615 480,414
Expenditures
Salaries 65,000 69,400 72,870
Benefits , 12,000 15,000 15,750
Maintenance & Repair 25,000 39,000 40,950
Zamboni Op. & Maint. 5,000 6,000 6,300
Professional Services 4,000 4,000 4,200
• Utilities 60,000 90,000 94,500
Insurance 20,000 20,000 21,000
Supplies 4,000 4,000 4,200
Dry Floor Events 1.500 2.000 2.100
Total Expenditures 196,500 249,400 261,870
Available for Debt Service $ 216,070 $ 218,215 $ 218,544
*Partial year beginning December 1,1996, ending May 31, 1997.
This operating budget is based on projections from the Elk River Youth
Hockey Association (ERYH), Marquette Partners (an independent consulting
firm) and the Ice Arena Task Force. ERYH supplied information to Marquette
Partners for a Ice Arena Expansion Feasibility Study which was completed in
April, 1994. After reviewing the document, the Task Force made adjustments
to the projections. The adjusted projections are presented above. Changes in
ice rental, admissions, and sign rental revenues could substantially change the
amount available for debt service. Commitment letters have been received
for part of the Ice Rental revenue, but rental agreements have not been signed.
The above projections are based on a June 1 to May 31 fiscal year. When City
operation of the arenas begins, the fiscal year will be January 1 to December
31.
ICE ARENA"
Provides for the total operation of the Elk River Ice Arena facility as
authorized by the City Council including debt payments for the .", ,
1996/97 ice arena expansion project. `
-,1997 BUDGET COMPARED WITH 1996 BUDGET .
This is a new budget, and as such, the proposed expenditures and revenues
`,cannot be compared to previous"years. In 1.996, the City Council agreed to
take over the ownership, financial responsibility, and management of the_
existing Elk River Ice Arena. Additionally, in 1996 the City Council
approved the expansion of the ice arena and the construction of a second
sheet of ice was completed by the end of 1996.
The financial feasibil.ity;of making the debt payment for the construction of a
second sheet of ice was analyzed in a study completed by Marquette
• Partners . This April,.1994,report was updated by a City Council appointed ,
,Ice Arena Task Force and the-revised financial figures were approvedby the
' - City Council. These revised figures
Y gores were used as financial projections m".
order to obtain long term (20 years) financing from local financial institutions
for the construction project:',-The $2.65 million construction project,was -
finan
;� •...4.•'-,,,,,••`
'��i r
financed by a Mighty Ducks grant of$250,000, contributions from the Elk •- ' '
River Youth Hockey Association, a$50,000 donation from the Rogers Plastic
Foundation, and city funds F•' 1 It is anticipated that the annual operating revenueslwsli exceed the'annual
operating expenses so that there will be sufficient monies'available'to make
--, 1x the annual debt payments Essentially it is believed:that the revenue
generated from'selling ice time for two sheets of ice will be sufficient'"to pay , ' _.,
off,the debt for the'construction of one additional sheet of ice If not,the city
is.the responsible agency and will have to access other funds in-order to meet ::--.-
this obligation Forthis`new endeavor the city has hired the current ice •-' , ,
arena employees including the full time arena manager. Additionally, the
• City Council has established an Ice Arena Advisory Commissionto help
oversee the management of the arena.
, 1
' * -2:-' *- The adjacent''page shows theproposed revenues and expenditures for 1997
These figures were taken from the revised financial feasibility study. The
' city fiscal year is the'calendar year:and the ice skating"year" is mainly the
winter season and is part of two'different.calendar years. Initially this will 2"
• complicate"the budget process. The first complete year of city.management of. ;
an ice skating season.at the ice arena will be 1998. These 1998 year`end
figures will be available in`1999, so the 2000 ice arena budget will be the first
one based on actual year end figures as managed by the city _
, L -.i "r r ,
, A 4p ':------1
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1
J4 .. . . .
:. /CE ARENA _ - -
•'' REVENUE ANALYSIS . •, -•• 1994 .. .. .:.' 1995 ' '•. .;.:. 1996 1997
ACTUAL • ACTUAL • -:ADOPTED PROPOSED
- CHARGES FOR SERVICES $0 $0. $0 . 466,115•" , -:- OTHER REVENUES -
.... TOTAL
0 0 0 1,500. •,:'. :; -:,••:-' :..: . ,.
SO SO • so $467,615.
„ CHARGES FOR SERVICES
ental.. '
' • Admissions
..;i... : Sign Rental . . . . .. . - _•'' "' '.Other Rental
30,000'-.-:
'.20,000
-s.,..
• r, Concessio
ns .:.
'.. . , ,• Vending-.. ... . Machines-. . .;• 20,400 '
Skate Sharpenin " "
5 000 $466,11b
OTHER REV
Pa .Phone .;-*:1;500 Commis sions.. -
,
r .:
�i _ 1;500• .r'-
TOTAL
-
,
• S •467 615
.. x
r'. _
:
EXPENDITURE ANALYSIS:•
;r.>.•� _ ;rte"
19.94 - 1995 `1996." '1997
:.'•,..,;-:•- +, ' ;:::'. PROPOSEDA::':. ;K.�'::.
TUA - ACTUA OPTE
` PERSONAL SERVICES $0 " $0 _ $0
:-.
:$84
,400--.: '
- S 0-
0 0 4,000 -
:S PP L _� _ ti-•
"
'X_v'' •,. � OT HER SERVICES AND CHARGE S -
-
y
OTAL
. 161,000,::1-,::;50 •.
. .. .SO 0 •.
-: .:�_ . J:d�• .DEB T SERVICE F• $0 $449000 : , :.:
PERS
RVICES`
Re ular Salarie
• $35,600 -Part Time Sal
:..: .. .. arses' - , >ti',•.':•..: :._.
� 34!400:
Employee Pensions
Employee insurance 7,500
-584,400•
•
UPP IES -
.....•. .. .... .• . S
-. ~' ,Operating Supplies :.•,�c . .
4 000 •4,000`.::'x.'::'
OTHER SERVICES & ` '
- CHARGES -
Other Professional.Services 4,000`
'. ••Building Repair&Maintenance - :r-39 00 , :
-
'•
-
Equipment.Re air&Maintenance.:
Insuran
6 000
• - ,.. - 20,000 . - -
Utilities 90 000
Miscellaneous (Dry ry Floor Eve nts)� _ - • s.
•2,000• - . 161,000 -
DEB
TS
ERV
IC
E
Princi
.40.000:•, .:: -
,._. ..: . • Interest
Y•. _ 59;600M 199,600'.„i::
4
•
$-$- 49 00
>
- - -- a ---- --------- ------------ --- - -- -
REVISED PROPOSAL BY SUB-COMMI 1 1 EE
• OF'i HE PROJECTED STATEMENT OF CASH FLOW
FROM ',ME FEASIBILITY STUDY COMPLETED BY MARQUEi 1E PARTNERS
• The Sub-comrnitiee established from the EDA meeting has taken the numbers from the Feasibility Study presented to them
by Marquette Partners and have made revisions where they feel more accurately fits our program here in Elk River. The
committee has also scaled back the project to be constructed in phases to bring down the initial cost of the project. •
• FEASIBILITY ERYHA ARENA SUB-COMMITTEE ADJUSTMENT
• STUDY ACTUALS PARTIAL SEASON FULL •
NUMBERS FOR BEGIN NOV. 15 SEASON
REVENUES: • 1995-96 1993-94 FOR 1995-96 FOR 1996-97
* ice Rental 318,000 112,755 286,920 338,000
ISD 728 Ice Rental 27,000 22,152 25,800 27,000
*Admissions • 35,000 13,020 30,000 30,000
Dry Floor Events 4,000 4,147 6,000 + 6,000 +
* Sign Rental . 10,000 6,200 20,000
Concessions 20,000
63,000 29,144 50,000 60,000
Vending Machine 23,000 11,590 18,000 20,000
Skate Sharpening 5,000 2,352
_ . 4,000 ,. _ 5,000
Miscellaneous Income 2,000 2,000 2,000 2,000
Total Revenue $487,000 $203,360 $442,720 $508,000
EXPENSES:
Salaries 74,000 47,122 65,000 76,000
Benefits 15,000 •2,701 12,000 15,000
Repairs & Mtce. 39,000 14,500 25,000 39,000
• Professional Services 4,000 2,275 4,000
* Utilities 4,000• 120,000 • 33,279 60,000 90,000
* Insurance 24,000 13,000 20,000 20,000
• Administrative/Supplies 4,000 2,500 4,000 4,000
Zamboni 7,000 . 2,404 5,000 6,000
Concession Merchandise 38,000 19,862 28,000 32,000
Dry Floor Events 1,000 _ 1,450 2,000 2,000
Total Expenses: $326,000
$139,093 $225,000
$288,000
•
CASH FLOW AVAILABLE
FOR DEBT SERVICE: ( $ 161,000 I $64,267 I $ 217,720 1 I $ 220,000 I
Existing Arena Debt-May 1,1995-November 1, 1995. $ (15,776)
+ Revenues: Indoor Soccer Spring & Fall 1996/Spring 1997 $ 6,000 $ 10,000
= Items we adjusted from the Feasibility Study.
'ERYHA ACCOUNTS AS OF 2/23/95 CHECKING $ 62,000-'`
-
• SAVINGS $ 26,529 r
CD MATURES 5/95 $ 20,000
CD MATURES 8/95 $ 20,000 i
PULLTABS $ 47,000
PLEDGE CARDS AS OF 2/24/95: 3 YEAR PLEDGE $ 15,105
PLEDGED CASH RECEIVED $ 3,067
0 On 2/27/95 at ERYHA monthly Board meeting the ERYHA Board approved the donation of S75,000 cash to the new Arena
Project available immediately and an additional S25,000 pledge backed by the ERYHA PuIltab Account available upon
request This money is to be used to further the progress of the Ice Arena project and/or to begin early construction of the
project if the Ice Arena Task Team decides it is needed. See attached minutes.
1
REVISED PROPOSAL BY SUB-COMMITTEE
Below is the documentation for the changes we have made to the numbers on the previous page. The first full year of
• operation has been delayed until the 1996-96 season. The two years shown is the partial season of 1995-96 where the
Arena is estimated to be in operation by November 15, 1995, and the full season estimates ending May 31, 1997.
Assumptions were that the years following would have a similar cost percentage adjustments as shown in the Feasibility
study.
• REVENUES: The hourly rates to be charged for ice time is as follows:
ICE RENTAL: 1995-96 • 1996-97 1997-98
NON- NON- NON-
PRIME PRIME PRIME PRIME PRIME PRIME
Sept-March: Rink 1 $100 S85 $105 S90 S110 S90
Rink 2 $115 S85 • SI20 S90 5125 S90 •
April-August: $100 S85 S85 •
1 " School Day Hours: S 50 S 50 S 50 . •
The Feasibility Study stated a rate of S100 for 1995-96 and 5105 for 1996-97. This rate will be used for the •
present smaller rink but the New Olympic rate will be 5115 and S120 for the 1995-96 and 1996-97 seasons. As the
study stated Anoka,being our closest ice sales competitor,rate was 5115 for 1995-96 for their new sheet. The Elk
River Youth Hockey Board has taken the position in the past several years that we need to charge an hourly ice
rental rate that will cover our building expenses and the above rates help us achieve this goal. We would propose
that the Associations renting large amounts of ice time rent a share of both ice sheets in their contracts. The
average cost to them would then be S107.50 per hour for the 1995-96 season. The Feasibility study has Elk River
School District 728 with a contract of $26,400 in 1994-95 and S27;000 in•1995-96. We took that as a separate
line item because of a change in contract agreement beginning in 1994-95. The contract is now on an hourly basis
at the going rate per hour. The estimate is 240 hours multiplied by the rate of both sheets divided by 2. For they
• will be shaming both sheets of ice. The hourly rental agreement with the Elk River School District has allowed the
Ice Arena to sell additional hours,at a lower rate, during the daytime for preschool skating lessons and Elk River -
• School gym classes or special events.
The 1995-96 season identified ice rental hours is 2982 hours(2564 prime, 259 non-prime). The red flag
here is that if we cannot guarentee that the facility will be open November 15; 1995 this will affect the contracts
with St.Michael,Monticello and Osseo. The attached letters show there interest in renting ice from our facitlity. •
They need to finalize where they will be practicing and holding games very soon probably sometime in March.
This total dollar figure comes to 5312,720 of which we deducted the Elk River School District amount of$25,800
because it exist on a separate line. The attached spreadsheet verifies these numbers.
The 1996-97 season we identified the same number of contracts as well as some July/August
rental of hours that we are presently working on. Specificly a Diane Ness Power Skating,Puck Handling/Shooting,
Paul Ostby Goalie Clinics. There is about 400 to 500 miscellaneous hours stated on the attached spreadsheet to•
verify these numbers. The total dollar amount is$364,653 with 3360 hours (2922 prime and 261 non-prime)
shown. Of this about 400 Hours need to be identified yet. Also there is approximately 40 hours a month during
the prime season available that will most likely be rented. Elk River Youth Hockey will have a much better
estimate of increased hours because of increased number of teams by the fall of 1995. There is a good chance that
2-3 teams will be added for the season of 1995-96 and probably 1-2 more in the season of 1996-97. The ERYHA
Board has committed in their minutes of 2/27/95 to purchase a minimum 1055 hours for 1995-96 season and
.depending on adding teams an additional 100 hours are possible. The 1996-97 committment was for 1150 hours
with an estimated 1%increase each year..
•
•
•
ADMISSIONS: The admissions amount was dropped ppcd to 530,000 from the Feasibility Study of 535,000. The basic
agreements that exist for ticket sales is the Arena would get a base rate to cover expenses for the hours of the game
and then a 50/50%split on any ticket sales above this base rate. The base rate does change for the different Ice
Arenas depending on seating capacity.
In 1995-96 the agreement with Elk River High School Boys games which were NNaristy games was a
$600 base rate acid a 50/50%split thereafter. The total dollars for Non-conferance(5600+5773; Attendenace: 850
I (Adults 490,Students 338)), Conferance(S4800+54071.50;At: 5363(Adults 2527,Students2681))and Sections
• (5600+5615; At:636,A277,S361)for 1995-96 Season for the boys was$11,460. The Girls NNarsity games were •
as follows: 5300 Base rate for a single game or S500 Base rate for a NNarsity game together and a 50/50%split
thereafter. The Girls were not in a conferance this past 1995-96 season so we worked only with the Elk River
School District for an agreement. The S500 base rate for two likel ames will most
g likely increase to Sboo for the 1995-
96 season. The revenue from the girls program was$4,100 base rate plus$94.50 split for a total of$4194.50
11 (Attendance: 1256(Adults 793, Students 421). This totals S15,655 for 1994-95.
The 530,000 is based on the following: Increase in attendance due to the increase in seating capacity from
• 700 to over 1000,increase in adult ticket prices by S1 (1995-96:4087/2 split=S2043), the addition of St.Michael
and Monticello NNarsity Games being held in the Arenas(54800 base for each School), and the continued
11 1 enthusiasm for the Girls program. This brings the total to 527,300 with no increase in attendence and only a base
rate charge to Monticello and St. Michael. An agreement has not been worked on with these two Schools for there
games which causes a caution flag to go up here unless we can gaurentee that the Arena will be available for there
games very soon(Mid March)they will need to Schedule the games•somewhere else.
DRY FLOOR The Feasibility Study stated the possibility for additional usage was there for indoor soccer or other •
= EVENTS: events but excluded them from the Study figures. We'did not add indoor soccer in to this total for the
details of purchasing the carpet and setting up a league has not been finalized. The Number is for other Dry Floor
Events which is above S5500 for the 1994-95 season as of 1/1/95. The events presently held are: Circus(May),
• ' Arts&Craft Show(May),Gun Show(April),•Youth Dance(June)and part of the revenue from the ERYHA Golf
jTournament has gone to the building fund in the past.
The committee has concluded after talking with the Soccer Board that indoor soccer could bring in .
revenues of 512,000 to S18,000 by charging 545-565 per hour. Some Arenas acutally make more on indoor soccer
than hockey because of the lower cost of maintenance. Elk River has a growing soccer program. We believe that
the spring of 1996 there will be indoor soccer in the present arena. The money to pay for the expenses will be
obtained from fundraisers,ERYHA Pulltabs, etc.by ERYHA,the Soccer program etc.. An estimate of 56,000 for
the Spring of 1996 and S10,000 for Spring of 1997 is listed on the bottom of the page. This could be increased by
an agressive program with indoor soccer in the fall as well. Anoka started indoor soccer this past year(1994) and
received revenues of about 512,000 the first year. Some of the expense items would be a carpet to be purchased for
the floor with estimated cost of 530,000, and raising and protecting the lights.
SIGN RENTAL: The committee felt with a strong campaign that sign rental could increase by 510,000 in the
new arena. There is a committee within ERYHA that is working on sign rental packages and has started to
• contact local and surrounding community businesses for sign rental contracts. The signs will be high quality on 8'
dasher boards around the rink. There is a estimated 42 and 36 possible dasher board signs in the Olympic rink
and the present rink.
ADDITIONAL The additional revenues we noted on the bottom of the page includes the soccer program and a
LINE REVENUES:`statement from ERYHA for donations toward the New Ice Arena Project.
Other types of revenue are fundraising events that youth hockey does every year. The track record for the
past eight years shows an average profit per year of about 515,000. The ERYHA Pulltabs, which is in operation at
Dicks Reverfront Bar,would be another source of revenue. For this to be used it would need to be approved at a
ERYHA Pulltab Gambling Board meeting and the State Gambling Board and a form would need to be filled out by
the City of Elk River. The Pledge Drive for the new Arena is just beginning and has accumulated over S15,000 on
3 year pledged committments and S3065 in actual cash as of 2/24/95. There is a Arena Dinner Fundraiser
scheduled for March 18, 1995 that will raise some more revenue for the Arena. We estimate 515,000 per
year should be available.We realize that this may not be able to be used as revenues in the cash flow estimate but
we wanted to make a note that these will be available for other expenses or improvements. Other additional
income could be special fund-raisers, and pledges from individuals, groups and industry to possibly raise and
• additional S50,000 to S75,000 per year. There are approximately 500 kids involved in hockey and skating within
ERYHA and an additional 70-80 boys&girls involved at the High School level.
Note: The bottom of the sheet shows ERYHA balances of their accounts as of the date stated.
REVISED PROPOSAL BY SUB-COMMITTEE
EXPENSES:
• SALARIES: The salary amount we adjusted for 1995-96 season due to the late November 15th start down to S65,000
from the Feasibility Study and increased it by S2,000 to$76,000 for the 1996-97 season.
The present Arena Manager salary is$30,250, part time Ice crew is about 511,500 and concession
workers are about$5700 for the past 1994-95 season for a total salary of$47450. For 1995-96 the budget figure of
$65,000 is a good number for the two rinks would only be open for 6 months. The 1996-97 increase to$76,000
would increase both Ice crew and concessions workers as well as increase the Arena Manager's Salary. At present
we have one full time Arena Manager and one half time employee during the skating season and other part time
Ice Crew(5-6)and Concession(5-6)workers.
BENEFITS: The benefits we felt were high but if the City/EDA takes over Operations of the Arenas this would be the
same as the rest of the city employees. At present the Arena Manager receives a$1000 IRA annually and paid
medical Blue Cross Blue Shield insurance coverage S1700. The Arena Manager also receives mileage at a rate of
}
•S.25 cents per mile which cameto about$450 in 1993-94.
•
REPAIRS Fiscal year ending 1994 & 1995 shows the actual Repairs and Maintenance cost at about $14,500.
&MTCE. We thought the$39,000 was on the high side but Ieft it as is for the full 1996-97 season. We did reduce it
for the partial season of 1995-96. We feel some of the expenses could be reduced by using city staff when needed
for special projects. And to be able to use city owned equipment instead of renting it.
i
UTILITIES: The utilities we felt were very high. The total for 1993-94 was S33,500.and the Actual +Budget for
1994-95 season is at about$33,000. The biggest expense for the utility group is the Electric at about S23,500
1993-94 and$24,500 for 1994-95. Gas at S7000,Telephone at$1800 and sanitation at$1,100. The new building
will be bigger and a larger ice sheet but with newer technology should be more efficient also. The Elk River •
Municipal Utilities Commission has given this project an Economic Development Rate for a 5 year term. The
estimate for tripling the electric usage with the special rate would put the cost at about 563,000 for the 1995-96
• season. Doubling these other expense the total would be about$82,000. So we feel a conservative estimate of
' $90,000 is justified. See Attached.
INSURANCE: There is a new Insurance Company, Cartier Insurance Agency Duluth, MN that strictly insures Ice
Arenas and the estimate we received from them was$20,000. 1993-94 insurance totaled $13,000 which includes
Property$2560,Liability $3400+Open Skate$155+Rollerblading 5250+Dance& Circus 5130,Employee
•
Dishonesty$110, Crime S150,Boiler$1600, Worker Compensation S3200, Accident&Medical$900.
_ZAMBONI: • Zarnboni.Maintenance and Fuel for 1993-94 totaled$2404. .1994-95 is estimated at$3,200....We felt the
maintenance was a Iittle on the high side seeing that in the 3 previous years we did not total $7,000. But
recognizing that the Zamboni is aging that an increase to 56,000 in 1996-97 should be adequate.
DRY FLOOR Increased to$2,000.
EVENTS:
EXISTING In November 1995 the debt on the existing arena will be paid off. The balance as of May 1, 1995 is
ARENA about'S15,776. The debt is held by three banks, First National Bank of Elk River,Bank of Elk River,
DEBT: and State Bank of Rogers. The payment is S2,500 principle plus interest which is based on one
percentage above the T-Bill rate, not less than 8%and not more than 10%. The numbers are shown based
on an 8%rate.
PAYMENT There is a request by the committee members to offset some of the Salaries by payment from
OF PARTIAL the City(Park fees)or Park and Recreation Board for improvements. This may only be needed for the
SALARIES: first three years or so depending on the bond structure.
• Revision Date: 2/27/95,revfeas3,dpm