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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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Cabarrus Arena Food & Beverage Management Fees for FY2016 <br />The current Food and Beverage Services Agreement between SMG, Cabarrus County, and SMG <br />Food and Beverage, LLC sets a fee schedule if SMG Food and Beverage produces a profit at the <br />Cabarrus Arena location. This schedule ties SMG Food and Beverage fees directly to <br />profitability and provides a method of distributing profits between the parties to the agreement. <br />For the fiscal year ending June 30, 2016, SMG Food and Beverage produced a $138,708 Net <br />Operating Income from operations on $662,268 in Gross Revenue at Cabarrus Arena, Applying <br />the formula specified in the Food and Beverage Services Agreement results in a fee of $33,113 <br />to SMG Food and Beverage. <br />$662,268 Gross Food & Beverage Revenue <br />x 5% Percentage of Gross Revenue Due SMG F &B <br />$ 33,113 Food & Beverage Fee Due SMG F &B <br />The current Food and Beverage Services Agreement defines the term "Positive Net Operating <br />Income" as Net Operating Income for the fiscal year less any profitability- related fee for that <br />year. The agreement specifies that the first $50,000 of Net Operating Income remains with the <br />facility, the next $50,000 goes to SMG Food and Beverage, and anything in excess of $100,000 <br />remains with the facility. This distribution results in a total of $55,595 remaining with the <br />facility and $50,000 to SMG Food and Beverage for the fiscal year ending June 30, 2016. <br />$138,708 <br />-$ 33,113 <br />$105,595 <br />-$ 50,000 <br />$ 55,595 <br />-$ 50,000 <br />$ 5,595 <br />Net Operating Income <br />SMG F &B Profitability- Related Fee <br />Positive Net Operating Income Available for Distribution <br />Initial Amount to Remain with Facility <br />Positive Net Operating Income Remaining for Distribution <br />Contractual Maximum to SMG F &B <br />Balance to Remain with Facility <br />Attachment number 1 \n <br />F -9 Page 163 <br />
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