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After months of hard work, the city is finally seeing the light at the end of the tunnel with New Market Tax Credits for the new ice arena. The package, on target for closing March 31, will provide $2 million in financing for the arena.
The City Council is set to approve what looks to be the final two (of many passed previously) resolutions needed to close the deal at its meeting tonight. One allows the city to enter into any necessary agreements and sign documents such as the lease, sublease and loan agreements. The other pertains to an indemnity agreement with the title insurance company.
A short conference call was held at Monday night’s Ways and Means Committee meeting with Dick Helde, an attorney with Dorsey & Whitney LLP, the firm handling the project.
“It’s really been labor of love to bring a lot of people together and moving from last fall to where we are today,” said Helde. “It certainly appears now that we’re knocking on the doorstep.”
Although there are “still a couple of things hanging out there out of our control,” City Clerk/Treasurer Betty Arvidson said, such as questions regarding insurance that need clearing up, “things are moving very rapidly forward and all indications are that we’ll close March 31.”
A lengthy closing checklist of documents with more than 50 items shows few left to check off, she added.
“It’s a pretty complicated structure and Dick has done a really nice job providing guidance with the uniqueness of this,” City Administrator Aaron Parrish added. “I think it’s safe to say we would’ve been dead in the water without him.”
Also pertaining to the arena, the committee recommended approving a franchise ordinance with Red Lake Electric Cooperative at a future meeting. Parrish said RLE services the 160-acre piece the city purchased for the arena and an ordinance such as the one the city has with Otter Tail Power is needed.
After months of hard work, the city is finally seeing the light at the end of the tunnel with New Market Tax Credits for the new ice arena. The package, on target for closing March 31, will provide $2 million in financing for the arena.
The City Council is set to approve what looks to be the final two (of many passed previously) resolutions needed to close the deal at its meeting tonight. One allows the city to enter into any necessary agreements and sign documents such as the lease, sublease and loan agreements. The other pertains to an indemnity agreement with the title insurance company.
A short conference call was held at Monday night’s Ways and Means Committee meeting with Dick Helde, an attorney with Dorsey & Whitney LLP, the firm handling the project.
“It’s really been labor of love to bring a lot of people together and moving from last fall to where we are today,” said Helde. “It certainly appears now that we’re knocking on the doorstep.”
Although there are “still a couple of things hanging out there out of our control,” City Clerk/Treasurer Betty Arvidson said, such as questions regarding insurance that need clearing up, “things are moving very rapidly forward and all indications are that we’ll close March 31.”
A lengthy closing checklist of documents with more than 50 items shows few left to check off, she added.
“It’s a pretty complicated structure and Dick has done a really nice job providing guidance with the uniqueness of this,” City Administrator Aaron Parrish added. “I think it’s safe to say we would’ve been dead in the water without him.”
Also pertaining to the arena, the committee recommended approving a franchise ordinance with Red Lake Electric Cooperative at a future meeting. Parrish said RLE services the 160-acre piece the city purchased for the arena and an ordinance such as the one the city has with Otter Tail Power is needed.
