My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
AG 2016 11 21
CabarrusCountyDocuments
>
Public Meetings
>
Agendas
>
BOC
>
2016
>
AG 2016 11 21
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/23/2016 2:25:13 PM
Creation date
11/27/2017 10:35:48 AM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/21/2016
Board
Board of Commissioners
Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
262
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
ing revenues, revenues generated from separate agreements with SMG Affiliates pertaining to <br />the Facility, and interest revenues, all as determined in accordance with generally accepted ac- <br />counting principles and recognized on a full accrual basis. The parties acknowledge that reve- <br />nues from the sale of tickets for events at the Facility are not Operating Revenues, but are instead <br />revenues of the promoter and/or performer of each such event. To the extent that SMG collects <br />such ticket sale revenue on behalf of such promoter and /or performer, such ticket sale revenue <br />shall be the source of fiends from which SMG collects the rental charges and other event reim- <br />bursements due by such promoter and /or performer for use of the Facility, which such charges <br />and reimbursements are Operating Revenues hereunder. <br />"Operating Revenue Benchmark" — shall equal One Million Thirty -Five Thou- <br />sand Dollars ($1,035,000) for the first kill Fiscal Year of the Management Term, subject to ad- <br />justment for material changes in the manner in which SMG operates food and beverage products <br />at the Facility, if such changes are agreed upon by the parties hereto. The Operating Revenue <br />Benclunark shall automatically adjust on the first day of each subsequent Fiscal Year to equal the <br />amount of three (3) year average of the total Operating Revenues for the previous three Fiscal <br />Years (and the parties agree to take into consideration any agreed upon adjustments relative to <br />material changes in the food and beverage operations of the Facility). <br />"Person"— any individual, general partnership, limited partnership, limited liabil- <br />ity partnership, partnership, corporation, joint venture, trust, business trust, limited liability com- <br />pany, cooperative, or association, and the successors and assigns of any of the foregoing and, <br />unless the context otherwise requires, the singular shall include the phial, and the masculine <br />gender shall include the feminine and the neuter, and vice versa. <br />"Pre- existing Agreement" — each contract, license, agreement, option, lease and <br />commitment existing as of the date of this Agreement that grants any Person any right (i) to li- <br />cense, use, occupy or rent all or any portion of the Facility, or (ii) to provide services to be used <br />in the management, operation, use, possession, occupation, maintenance, promotion or marketing <br />of all or any portion of the Facility, and that are listed on Exhibit "A" hereto. <br />"Renewal Tenn" — the additional period for which this Agreement may be re- <br />ncwed at the option of the County in accordance with Section 3.2 hereof beyond the Manage- <br />ment Term. <br />"SMG" — as defined in the first paragraph of this Agreement. <br />2. Engagement of SMG; Scope of Services. <br />2.1 Engagement <br />(a) General Scope The County hereby engages SMG to promote, operate acid <br />manage the Facility during the Management Term and the Renewal Tenn, if any, upon the terms <br />and conditions hereinafter set forth, and SMG hereby accepts such engagement. <br />4 <br />Attachment number 1 \n <br />F -9 Page 169 <br />
The URL can be used to link to this page
Your browser does not support the video tag.