HomeMy WebLinkAboutContract 45129 CITY SECRETARY
CONTRACT NO.ila-Ll�1-
TERM SHEET REGARDING USE 0P
EVENTS FUNDS FROM THE STATE UFTEXAS
UNDER 1[FX. Rmv.CXv/.STAT.ART.G190.l4§5C
L Parties to and Term of the Ap_reement.
This *:nm sheet ahuU serve as the basis hndcvt|opmon( o[aTrust Fond Event Support Contract
("Agreement") between the City of Fort Worth ("City") and the National Ruining Huroc
Association (^^NRB&"). 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 NRH/\ and shall expire on December
]\. 2012 (the "Term"). The Agreement, once executed by both parties and approved hv the City,
shall be a legally binding obligation of the parties. This term shoet, ho*cvor, does not |oAaUy
obligate either party (oexecute the Agreement,
I' Application and Fundine of Event Trust Fund.
In return /orNRRA`s hosting o[un Event, nsdefined in Section 3 hereof, tile City will apply to
the Comptroller of tile State of Texas ((he "Corti[Xno||er~) for the creation of an Events Trust
Fond (an "ETP``) for the Event undnr the provision of Texas Revised Civil 8tatutco, Article
5|90.|4 Q 5C (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 ofthe Event for partial funding o[the ETF, which funding is intended m trigger the
State of Texas contribution mthe ETF(o) under the terms o[the Act.
3. Scope of Aereement.
YV0UA Will use commercially reasonable efforts to host the NRH& Co*tuwn Ounsio (the
^2voni`)` u\ the Will Rogers Memorial Center located a\ 34O| W. Lancaster Avenue, Fort Worth,
Texas 760|7. during the Term ofthe Agreement.
4. Distribution of Funds.
Funds from the ETF will be distributed in the W|on'inA manner: (i) to the City for
reimbursement of the City's expenses related to the Event, as permitted by the Act; (ill) to the City
for reimbursement of any contribution by the City to the ETF-1 and (iii) to NRHA for
reimbursement o[N&HA's expenses related »n the Event.
5' Economic Impact Studies.
Thc NRHA *UL at NRHA`s sole cost and cxpcnsc, 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.
The provisions of this tono sheet are based on the terms and conditions of the Act currently ill
effect. Should the Act be ncpen|cd or modified in such u manner that ths Event no longer qualifies
for distribution of the ETF proceeds in the manner contemplated hcrcin, this h:nu sheet shall
become voidable by either party upon receipt of Written notice by the other party. If the Act is
modified during the Term o[the Agreement and Such modification materially affects the financial
bcnefi$o[either party under the Agreement, the City and N0HA shu|| ncgohu|o in good faith an
OFFICIAL RECORD
����\V�� �0\ 19 2��
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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 the rc( day of 2012.
ATTEST: CITY OF FORT WORTH
,
By By: ojaA/�,—
usan lapis
ssis t City Manager
Approved as to form and legality: Approval Recom ed:
Tyler F. WXja6 Kirk N. Slaug ter ' „ �� p
Assistant tilty Attorney Director of Public Events `
NATIONAL REINING HORSE AUMW by
Alf
By: Mary J. K I, ... fttary
Dan Wall,�� t'"`
isse2sv6
NO U&C REQUIRE�D]
OFFICIAL RECORD
MIT SECRETARY
FT- MIRTH, TX