Loading...
HomeMy WebLinkAboutContract 44063 (2)- CITY secREraerU���� CONTMCTNO 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. 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 American Paint Horse Association (APHA) .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 American Paint Horse Association 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 American Paint Horse Association'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 American Paint Horse Association will use commercially reasonable efforts to host The American Paint Horse Association Youth (AjPHA) World Championship 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 American Paint Horse Association 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. 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 qualifies for distribution of the ETF proceeds in the manner contemplated herein, this term sheet shall J bomek voidable by either party upon receipt of written notice by the other party. If the Act is VW% WOR VA° " L 1 4_ 4b8 1 ,c-VaisiO,)r t 01---14-16 Al 1 :04 IN 01-I4-13 A modified during the Term of the Agreement and such modification materially affects the financial benefits of either party under the Agreement, the City and the American Paint Horse Association 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 /5.-- #2013. ATTEST: Ate 0:ocw000 �� CITY OF FORT WORTH " 00 0 0 009% & fa• is, 0 %•54-VAA By: // Ors o By: AKarq al -o° Susa Alanis °° o° �'' ' taut City Manager 0 pi C 1 Sec r c ---a r �a °o , ty g 4,0000 a q4ti reXic e Approved as to form and legality: By: Tyler F. Wa Assistant City Attorney Approval Recommended: By: AMERICAN PAINT HORSE ASSOCIATIO (APHA) By: illy Smith, • ec r ' • i recto 188628v6 Slaughter Director of Public Events J g[3©® MTV C*?lkiqJ �� `a`Ur82U j�� � Ill) �--�(�t] ll �a UU�:1LTA19 11