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AG 2016 11 21
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AG 2016 11 21
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Last modified
11/23/2016 2:25:13 PM
Creation date
11/27/2017 10:35:48 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/21/2016
Board
Board of Commissioners
Meeting Type
Regular
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logo r ►. <br />CabarrArena <br />,.events Center <br />Cabarrus Arena Management Fees for FY2016 <br />The management agreement between Cabarrus County and SMG outlines fees for SMG related to certain <br />performance thresholds. This total fee is composed of a quantitative portion relating to Gross Operating <br />Revenue and a qualitative portion relating to more subjective performance measures. <br />Ouantitative Fee <br />For the year ending .tune 30, 2016, SMG surpassed the $1,410,534 Gross Operating Revenue threshold that <br />triggers the quantitative fee. Gross Operating Revenue for the year was $1,639,747. in accordance with the <br />management agreement, SMG should receive a quantitative fee which is the lesser of fifteen percent of Gross <br />Operating Revenue in excess of the threshold or a quantitative fee cap equal to seventy -five percent of the base <br />fee. <br />The calculated quantitative fee based on Gross Operating Revenue in excess of the threshold is as follows: <br />$ 1,639,747 Gross Operating Revenue <br />- $ 1,410,534 Fee Threshold <br />$ 229,213 Gross Operating Revenue in Excess of Fee Threshold <br />x 15% Percentage of Excess Revenue Available for Fee <br />$ 34,382 Potential Quantitative Fee for FY 2016 <br />The calculation to determine the quantitative fee cap is: <br />$100,312 Base Management Fee <br />x 75% Cap Percentage <br />$75,234 Maximum Possible Quantitative Fee <br />Based on these calculations and the current management agreement, the quantitative fee due SMG for fiscal <br />year 2016 is $34,382. <br />Qualitative Fee <br />For the fiscal year ending June 30, 2016, Cabarrus County staff awarded SMG ninety -eight of a possible one <br />hundred points in the subjective performance areas of customer service, maintenance and operations, and <br />overall management. Applying the formulas outlined in the management agreement results in a qualitative fee <br />to SMG of $24,576. <br />$25,078 Maximum Qualitative Fee per Agreement <br />x 98% Percentage of Total Points Awarded to SMG <br />$24,576 Qualitative Fee Due SMG <br />7�+o_ � � v'J'f 4a� cc, E, D 66 9�5F <br />Attachment number 1 \n <br />F -9 Page 162 <br />
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