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PROPOSED RESOLUTION
A RESOLUTION APPROVING A LOAN TO THE LUVERNE HOCKEY CLUB, INC. FOR THE PLANNED COMPRESSOR SYSTEM PROJECT AT BLUE MOUND ICE ARENA
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This proposed resolution proposes the approval of a loan to the Luverne Hockey Club, Inc. to facilitate the upgrade of the aging compressor system at the City-owned Blue Mound Ice Arena. The project is estimated to cost $750,000, pledges received will be paid over the coming years. The City of Luverne would provide up to $750,000 in financing over a 30-year period at a 1% interest rate to cover the upfront costs of construction. This would mark the third loan extended to the Luverne Hockey Club in the past four decades, all of which have been repaid ahead of schedule. Collaborations like this demonstrate the community’s commitment to enhancing local facilities and supporting outdoor winter recreational activities. The resolution authorizes the mayor and city administrator to execute a promissory note on behalf of the City.
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City Administrator Recommendation: City Council Adopt Proposed Resolution No. 30-24.