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1 <br /> <br />1 <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />DECEMBER 15, 2008 <br />6:30 P.M. <br />' AGENDA CATEGORY: <br />Consent Agenda <br />' SUBJECT: <br />Arena & Events Center -Approval of SMG Management Incentives for FY 2008 & Contract Amendment No. 2 to <br />' Management Agreement <br />BRIEF SUMMARY: <br />' Based on existing Management Agreement (Section 4) and the Food & Beverage Services Agreement (Section 6), SMG qualifies for the <br />following incentive payments: <br /> <br />Mana ement A reement uantitative Incentive Fee $32,000 <br /> ualitative Incentive Fee $22,800 <br />Food & Bevera a Services uantitative Incentive Fee $30,593 <br /> Total Incentive Due $85,393 <br />Contract Amendment No. 2 amends the definition of "operating revenue benchmark" as identified in Section 1(B). <br />REQUESTED ACTION: <br />Motion to authorize payment of incentives to SMG for FY 2008 and adopt associated budget amendment. <br />Further, approve Contract Amendment No. 2 as presented and authorize the County Manager to execute the <br />amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />' SUBMITTED BY: <br />Mike Downs -Deputy County Manager <br />' BUDGET AMENDMENT REQUIRED: <br />Yes <br />' COUNTY MANAGER'S RECOMMENDATIONS/COMMENTS: <br />This item was approved by the Board for inclusion on the Agenda as a Consent item. Approval is recommended. <br />t BUDGET AMENDMENT: <br />Cabarrus County Budget Amendment Request <br />' Date: 11 /25/2008 Amount: $85,393 <br />Dept. Head: .Mike Downs, Deputy Co Mgr Department: Arena <br />^Internal Transfer Within Department ^ Transfer Between Departments/Funds 0 Supplemental Request <br />~_____----_---- ____.._.__...____._._ r ----__ ~_~ <br />Purpose: <br />To appropriate funds for the payment of incentives to SMG for performance goals for FY 2008 <br /> <br /> <br />Account Number Account Name A roved Bud `t Increase Amount. Decrease Amount Revised Bu et <br />..42068310 6901 .Fund Balance Approp $85,393 5,393 <br />42098310 9404 Performance Inc - OP $54,800 $54,800 <br /> F_1 Paae 65 <br />~f 185 <br />