City of Blaine Anoka County, Minnesota - File #: Com 13-17

• File #: Com 13-17
• Version: 1
• Name: Fogerty Arena Repayment Plan
• Type: Report
• Status: Held in Committee
• File created: 7/23/2013
• In control: Park Advisory Board
• Final action: 7/23/2013
• Title: Fogerty Arena Repayment Plan
• Sponsors: Nate Monahan

Date	Ver.	Action By	Action	Result
7/23/2013	1	Park Advisory Board	Informational: no action required

ITEM:         5.3 - New Business - Tom Godfrey, Program Supervisor

Title

Fogerty Arena Repayment Plan

Background

Fogerty Arena acknowledges that it currently owes the City of Blaine $175,000 for the reimbursement for a portion of the costs the city incurred in relocating Field #1 at Aquatore Park. Fogerty agrees that monthly payments in the minimum amount of $1,000 will be due to the City of Blaine beginning January 1, 2016.  A payment schedule will be agreed upon before December 31, 2015.  Fogerty further agrees that the entire debt, plus 5% interest from January 1, 2019, will be paid to the city on or before December 31, 2030.  ALL PAYMENTS WILL GO BACK INTO THE PARK FUND.

Recommendation

Information