HomeMy WebLinkAboutContract 45129 (2)CITY SECRETARY
CONTRACTNO.I �Ir1�.. .
TERM SHEET REGARDING USE OF
EVENTS FUNDS FROM THE STATE OF TEXAS
UNDER TEX. REV. CIV. STAT. ART. 5190.14 § 5C
1. Parties to and Tern of the Agreement.
This term 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 Reining Horse
Association ("NRHA"). The Agreement shall be effective as of the data that it has been executed
by a duly authorized representative of both the City and the NRFIA and shall expire on December
31, 2012 (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 NRHA's 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 an Events Trust
Fund (an "ETF") for the Event under the provision of Texas Revised Civil Statutes, Article
5190.14 § SC (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 ETF, which funding is intended to trigger the
State of Texas contribution to the ETF(s) under the terms of the Act.
3. Scope of Agreement.
NRHA will use commercially reasonable efforts to host the NRHA Cowtown Classic (the
"Event"), at the Will Rogers Memorial Center located at 3401 W. Lancaster Avenue, Fort Worth,
Texas 76017, during the Term of the Agreement.
4. Distribution of Funds.
Funds from the ETF will be distributed in the following manner: (1) to the City for
reimbursement of the City's expenses related to the Event, as permitted by the Act; (ii) to the City
for reimbursement of any contribution by the City to the ETF; and (iii) to NRHA for
reimbursement of NRHA's expenses related to the Event.
5. Economic Impact Studies.
The NRI-IA will, at NRHA's sole cost and expense, commission any Economic Impact Studies
for submission to the Comptroller pursuant to and in accordance with the Act.
6. Reveal or Modification of the Act.
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 Should the Act be repealed or modified in such a manner that the Event no longer qualities
for distribution of the ETF 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 NRFIA shall negotiate in good faith an
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OF WAL
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amendment to the Agreement so that the original intent of the parties is preserved to the greatest
degree possible.
SIGNED on theac day of
ATTEST:
Approved as to form and legality:
By:
Tyler F. W. h
Assistant ity Attorney
NATIONAL REINING HORSE ASSOCIATION
Dan Wall, ExecutW `D!l eerur
I88628v6
11
2012.
•
CITY OF FORT WORTH
Janis
t City Manager
Approval Recom
By:
Kirk N. Slaug ter
Director of Public Events
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CorNf � HAL RECORD
TV SECRETARY
FT. WORTH, TX