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<br /> <br />Office of the County Manager <br /> <br />Memo <br /> <br />To: <br /> <br />Board of Commissioners <br /> <br />Mike Downs," 1 <br />Deputy County Manager <br /> <br />From: <br /> <br />CC: <br /> <br />John Day <br />County Manager <br /> <br />Date: <br /> <br />October 15,2004 <br /> <br />Subject: <br /> <br />ABA Contract <br /> <br />Attached you will find a copy of the final lease agreement (contract) with TD Sport <br />Hoops, LLC, Tony Priscaro (owner), also known as the Carolina Thunder. The contract <br />includes the use ofthe Cabarrus Arena for the home games of the Carolina Thunder, a <br />professional basketball team and a member (franchise) of the American Basketball <br />Association. Highlights of the contract are: <br /> <br />I. It is a three year contract with option for two additional years. <br />2. The contract includes a basic rental fee of$2,500.00 per game in 2004-2005, <br />$3,000.00 per game in 2005-2006, and $3,500.00 per game in 2006-2007. If the <br />additional two years are accepted an increase of up to 10% will be acceptable. <br />3. The county will retain all revenues related to parking and concessions. <br />4. The TD Sport Hoops, LLC will retain all revenues from the sale of "Carolina <br />Thunder" merchandise. <br />5. The Cabarrus Arena has the right to reschedule games with the appropriate notice <br />should the need arise. <br /> <br />Both representatives ofthe Carolina Thunder and the county staff have reviewed the <br />contract and found it to be the most beneficial arrangement for the both parties. <br /> <br />~ <br />~. <br /> <br />[~3 <br /> <br />* <br /> <br />Cabarrus County. 65 Church Street, SE . Post Office Box 707 . Concord, NC 28026-0707 <br />Phone: 704-920-2100 . Fax: 704-920-2820 . www.cabarruscounty.us <br />