HomeMy WebLinkAboutCity Council Resolution 2014-202CITY OF PLYMOUTH
RESOLUTION No. 2014-202
A RESOLUTION APPROVING THE LEASE AND FINANCIAL AGREEMENTS WITH
ACCELERATION MINNESOTA NW AND WAYZATA YOUTH HOCKEY ASSOCIATION FOR THE
DRY LAND TRAINING FACILITY AT THE PLYMOUTH ICE CENTER
WHEREAS, The proposed project is a public-private partnership between Acceleration
Minnesota NW (Acceleration), Wayzata Youth Hockey Association (WYHA) and the City of Plymouth to
construct a 7,500 square foot addition onto the Plymouth Ice Center for dry land training; and
WHEREAS, the City of Plymouth will enter into a lease agreement with Acceleration and
a binding financial agreement with WYHA and to help finance the project; and
WHEREAS, the lease agreement with Acceleration Minnesota NW (Acceleration) provides for a
10 -year lease of the new space for a dry land training facility at a rate of $9.00 per square foot with
three percent annual inflation rate; and
WHEREAS, the financial agreement with WYHA guarantees a contribution covering 40%
of the overall project costs. WYHA overall investment is $539,600; $100,000 prior to
construction, and five annual payments totaling $439,600; and
WHEREAS, the financial and lease agreements from Acceleration Minnesota NW and Wayzata
Youth Hockey Association will provide $1,313,411 in revenue over a ten year period to fund the
construction of the project.
NOW, THEREFORE BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that the lease agreement with Acceleration Minnesota NW and the financial agreement
with Wayzata Youth Hockey Association for the dry land training facility addition at the Plymouth Ice
Center is hereby approved.
APPROVED this 10th day of June, 2014.