HomeMy WebLinkAboutContract 43979 (2)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 Term of the Agreement.
CITY SECRETARY
CONTRAcT 140. `=
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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 Ranch Sorting National
Championships ("RSNC"). 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 RSNC 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 RSNC 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.
RSNC will use commercially reasonable efforts to host the South Central RSNC Ranch Sorting
World Series (the "Event"), at the Will Rogers Memorial Center located at 3 401 W. Lancaster
Avenue, Fort Worth, Texas 76017, during the Term of the Agreement RSNC will pay the City an
amount equal to any City contribution to the ETF.
4. Distribution of Funds.
Funds from. the ETF 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
RSNC for reimbursement of RSNC's expenses related to the Event unless RSNC has any
outstanding obligations owed to the City pursuant to any contract with the City.
5. Economic Impact Studies.
RSNC will, at RSNC'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.
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 Eventno longer quali&
for distribution of the ETF proceeds in the manner contemplated herein
become voidable by either party upon receipt of written notice by the oth r a ''
modified during the Term of the Agreement and such modification material! ec aila aigitY
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benefits of either party under the Agreement, the City and RSNC 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. Counternarts and Electronic Signatures
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 same instrument.
SIGNED on the <day of
CITY OF FORT WORTH
By:
S san Alanis
ssistant City Manager
Approval Recommended
By: _
fiv Kirk ; laughter
Dire • of Public Events
Approved as to form and legality:
By:
Tylernallach
Assistant City Attorney
ATTEST:
B
Mary J .er
City Secretary/
RANCH SORTING NATIONAL CHAMPIONSHIPS
By:
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Dave Wolfe
President, RSNC
OFFICIAL RECORD
AiRf SECRETARY
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