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TERM SHEET REGARDING USE OF
EVENTS FUNDS FROM THE STATE OF TEXAS
UNDER TEX. REV, CIV, STAT. ART. 5190.14 § 5A
1. Parties to and Term of the Agreement.
This tern sheet shall serve as the basis for development of a Trust Fund Event Support Contract
("Agreement") between the City of Fort Worth ("City") and the National Cutting Horse
Association ("NCHA"). The Agreement shall be effective as of the date that it has been executed
by a duly authorized representative of both the City and the NCHA and shall expire on September
1, 2013 (the "Term"). The Agreement, once executed by both parties and approved by the City,
shall be a legally binding obligation of the parties. This term sheet, however, does not legally
obligate either party to execute the Agreement.
2. Application and Funding of Event Trust Fund.
In return for the NCHA hosting of an Event, as defined in Section 3 hereof, the City will apply to
the Comptroller of the State of Texas (the "Comptroller") for the creation of a Major Events Trust
Fund (an "METF") for the Event under the provision of Texas Revised Civil Statutes, Article
5190.14 § 5A (the "Act"). In accordance with the Agreement, the City will contribute an amount
equivalent to the incremental tax increase that the Comptroller determines the City will receive on
the account of the Event for partial funding of the METF`, which funding is intended to trigger the
State of Texas contribution to the METF(s) under the terms of the Act.
3. Scone of Agreement.
NCHA will use commercially reasonable efforts to host the NCHA Triple Crown (the "Event"),
which is comprised of the three shows listed below, at the Will Rogers Memorial Center located
at 3401 W. Lancaster Avenue, Fort Worth, Texas 76017, during the Term of the Agreement.
NCHA will pay the City an amount equal to any City contribution to the METF.
• World Championship Futurity,
• Super Stakes and Super Stakes Classic, and
• Summer Cutting Spectacular
4. Distribution of Funds.
Funds from the METF will be distributed in the following manner: (i) to the City for
reimbursement of the City's expenses related to the Event, as permitted by the Act; and (ii) to
NCHA for reimbursement of NCHA's expenses related to the Event unless NCHA has any
outstanding obligations owed to the City pursuant to any contract with the City.
5, Economic Impact Studies.
NCHA will, at NCHA's sole cost and expense, commission any Economic Impact Studies for
submission to the Comptroller pursuant to and in accordance with the Act.
6. Repeal or Modification of the Act.
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OFFICIAL RECORD
CITY SECRETARY
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06-25-12 P03 : 10 IN
The provisions of this term sheet are based on the terms and conditions of the Act currently in
effect. Should the Act be repealed or modified in such a manner that the Event no longer qualifies
for distribution of the METF proceeds in the manner contemplated herein, this term sheet shall
become voidable by either party upon receipt of written notice by the other party. If the Act is
modified during the Term of the Agreement and such modification materially affects the financial
benefits of either party under the Agreement, the City and NCHA shall negotiate in good faith an
amendment to the Agreement so that the original intent of the parties is preserved to the greatest
degree possible.
7. Counterparts and Electronic Sisinatu res
This term sheet may be executed in several counterparts, each of which will be deemed
an original, but all of which together will constitute one and the sane instrument.
SIGNED on the
CITY OF FORT WORTH
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Susan Alanrs
Assistant City N./tanager
Approval Reco r ende
By:
irk N. ~ 1, ghter
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Director of Public Events
Approved as to form and legality:
Tr r F. Wallach<PeF04 �'�LZi-q�
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Assistant City Attorney t 004 400a }�,
ATTEST:
By: /
May J. ei
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NATIONAL CUTTING HORSE
ASSOCIATION
By:
Alan Steen
Executive Director
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OFFLCAL RECORD
Cl'f� SECRUTARY
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FORT WORTH
MEMORANDUM
Date: June 25, 2012
To: Mary Kayser
From: Susan Alanis
Subject: Term Agreement with NCHA
Mary,
The original documentation for the Term Sheet Regarding Use of Events Funds from the State of Texas
for the National Cutting Horse Association has been misplaced.
We have included with this memo, three copies of the document, which I have signed and forwarding to
your office for processing. Should the original document turn up, I will forward it to you for your
records.
Thank you for your help in this matter.
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06-25-12 P03 : 10 IN