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SECRETy
TERM SHEET REGARDING USE OF
EVENTS FUNDS FROM THE STATE OF TEXAS
UNDER TEX. REV. CIV. STAT. ART. 5190.14 § SC
1. Parties to and Term 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 Appaloosa Horse Club (ApHC).
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 Appaloosa Horse Club and shall expire on December 31,
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 Appaloosa Horse Club'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 § 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 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.
The Appaloosa Horse Club will use commercially reasonable efforts to host the National
Appaloosa Show & World Championship Appaloosa Youth Show (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.
The City shall be responsible for distributing the Total Fund Amount to reimburse the City and
Company for actual expenses related to the Event, as permitted by the Act and consistent with the
Permissible Uses, as generally outlined in the Event Plan. The method and priority of funds to be
distributed shall be a determination made by the City in its sole discretion.
5. Economic Impact Studies.
The Appaloosa Horse Club will, at their 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.
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 ETF proceeds in the manner contemplated herein, this term sheet shall
become voidable by either party upon receigt 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
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX 1
O 1-28-1 3 P03 : 36 IN
benefits of either party under the Agreement, the City and the Appaloosa Horse Club 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.
SIGNED on the day ofC:)alirey, 2013.
ATTEST:
CITY OF FORT WORTH
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Assistant City Manager
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Assistant City Attorney
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Approved as to form and legality: %/3<000
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APPALOOS HORSE CLUB (ApHC)
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By:
Steve Taylor, CEO
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Kirk N. Slaughter
Director of Public Events
OFL'AAAL RECORD
rG'ry SECRETA��7
Ft WORTH, TX
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