HomeMy WebLinkAboutContract 44063 CITY SEC S AR11Lq U
CCWTRACT No.
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
ecome voidable
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by either party upon receipt of written notice by the other party. If the Act is
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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.
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SIGNED on the aye Y�P�) 0 13
ATTEST: - '` o CITY OF FART WORTH
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By: By:
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0� a (Susa4Alanis
` *°� o° d ' taut City Manager
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Approved as to form and legality: Approval Recommended:
By: By: -,fv
Tyler F. Wa it . Slaughter
Assistant City Attorney Director of Public Events
AMERICAN PAINT HORSE ASSOCIATIO (APHA)
By:
illy Smith, ec irecto
1886280
OFFICIAL RECORD
CITY SECRETARY
FTv WORTH, TX
11