Agenda Packets - 1996/12/02 - Laserfiche WebLink

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(1) the payment of Operating Costs of the Facility; • (2) in In the event that revenues under this paragraph exceed costs such that the Facility has "profit from operations-rental income" such profit will be assigned to an operating reserve until such reserve has reached an amount equal to one year operating expense. determines y-the T;o:nt Boats (3) after the operating reserve reaches the maximum amount required under paragraph (2) above, additional "profits" shall be assigned to a capital improvement and repair reserve in such amount as it determined by the Joint Board (but not less than $250,000); and (4) after the above reserves are fully funded, the Joint Board may establish a bond redemption reserve in such amount as is determined by the Joint Board; and (5) any"profits" in excess of the amounts necessary to maintain the above reserves, shall be allocated by the Joint Board pro rata to each party based upon their Guaranteed Hours. H. OPERATING EXPENSES MASC will be responsible for the operation of the facility and no other party shall be required to contribute any amounts not required pursuant to paragraphs II (Financing) and IIIE(Use) and IV (Construction of Facility) of the agreement. As part of the consideration for such undertaking by MASC, MASC may sell products, • services and signage commonly known as "concessions" or "sponsorship" at the facility and the revenues and expenses relating to concessions shall accrue to MASC and not to the other parties to this agreement except as required under paragraph III(G)1(b). - Notwithstanding the above, MASC shall contribute the net profit from "concessions" and "sponsorships" at the facility to the benefit of the facility. At the option of MASC, such contribution may be used for either capital, operation operations reserve or program purposes. IV. CONSTRUCTION OF FACILITY MASC will be responsible in all respects for the design and construction of the facility. MASC may delegate or contract such responsibility as it sees fit. The DOWN PAYMENT portion of the financing shall be made by all parties except MASC as follows: First Part—$250,000 after design approval pursuant to this paragraph IV. Second Part—$250,000 90 days after first part payment. Prior to the payment of any parr of the DOWN PAYMENT portion of the financing MASC will submit a proposed design to the other parties. The design shall provide for four (4) Olympic sized ice surfaces with permanent seating capacity of not less than 400 seats per fink and provision for ar lease 400 temporary seats which • are available for use at any one of the rinks. In addition, the design will provide