Laserfiche WebLink
7� <br /> BANQUET CENTER MANAGEMENT AGREEMENT <br /> i <br /> This Management Agreement("Agreement"), dated , 1998 is made <br /> between the CITY OF MOUNDS VIEW, a municipal corporation under the laws of Minnesota <br /> ("City") and INNOVATIVE IMAGES (hereinafter"Images") for the Management and <br /> Marketing of Mounds View Community Center Banquet Facility (Facility). <br /> RECITALS <br /> 1. The City is the owner of the Mounds View Community Center located at <br /> in the City of Mounds View. <br /> 2. Images is experienced in marketing and promoting events and is willing to enter <br /> into this Agreement. <br /> NOW THEREFORE, in consideration of the mutual covenants and promises contained in this <br /> agreement, the City and Images agree as follows: <br /> ARTICLE I: TERMS AND CONDITIONS OF AGREEMENT <br /> The initial term of this agreement will be five (5) years, commencing on January 1, 1999 and <br /> continuing through December 31, 2003. This agreement shall automatically renew for two <br /> additional five-year terms under the same terms and conditions unless either party gives written <br /> notice of termination to the other party on or before June 30th in the fifth year of any five-year <br /> term of the Agreement; such termination may be made by either party without penalty or cause. <br /> ARTICLE II: COMPENSATION <br /> The City will pay Images annual compensation based upon the following sliding fee schedule: <br /> Annual Gross Revenues Compensation <br /> 0 - $30,000 $6,000 <br /> $30,000-$60,000 30% <br /> $60,000-$90,000 45% <br /> $90,000-$120,000 50% <br /> $120,000- above 55% <br /> In 1999, the City will pay Images the greater of the compensation calculated based on the above <br /> schedule or$18,000. In future years, Images's compensation will be limited to the above <br /> schedule. However, if the Facility can not be rented for an extended period as a result of <br /> maintenance, repairs or other issues that were outside the control of Images, the City agrees to <br /> provide additional compensation to Images; any such additional compensation shall be <br /> determined based upon past history, the time of year and days of the week, overall economic <br /> conditions, and other such conditions that may have affected the ability to rent the Facility. <br />