HomeMy WebLinkAboutContract 44314 'TY SECRETARY "
CONTRACT NO$
TERM SHEET REGARDING USE OF
EVENTS F[NDS FROM THE STATE OF TEXAS
NDER TEX.REV.CIV.ST .T".ART.5190.14§5C
1. Parties to and Ter of the Agreement.
This term sheet shall serve as the basis for development,of Trust Fund event Support Contract
("Agreement") between the City of Fort Worth ("City") and the Equine Marketing Group, Inc.
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 equine Marketing Group, Inc. and shall expire on
December 31, 20,13, (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. Applicaflon and Fundin2 of Event Trust Fund.
In return for Equine Marketing G,rC up, Ine.'s hosting of an Event, as defined in Section 3 hereof,
the City will apply to the Comptroller troller Of the State Of Texas(the"Comptroller")for the creation Of
an Events Trust Fund an ETP 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 ller determines
the City will receive On the account Of the Event for partial funding uf 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 nf Agreement,.
T uu ne Marketi-ng Grou p Inc. will use commercially reasonable �efforts to host the Reichert
Celebration (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, DistAbution 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 ImiDact Studies.
The Equine Marketing,Group, Inc. 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.
fir. Re ea I or Modification ificationu of the sett.
The provisions of this term sheet are based on the terns and conditions of the Act currently in
effect. Should the Act be repealed or modified in such a manner that the went no longer qualifies
for distribution of the ETF proceeds in the manner contemplated herein, this 'term sheet shall.
become voidable by either party upon receipt of written notice by the Other party. If the Act is
medi ed during the Term of the Agreetnent and such modifieatie
.. financial
benefits of either party tinder the Agreement, the City and theE ui r t� Inc. shall 0 a FT=
CITY SECRETAKY
P F C F1 V E D MAR 2 8 2013 1 "s WOWN,TX
negotiate in good faith an amendment to the Agreement so that the on'ginal intent of the parties is
preserved to the greatest degree plossiblle.
SIGNED on the ),day of IN,�Ultll 2013.
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ATTEST: CITY OF FORT WORTH
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By: oi:z?A B
Sus Ap flans
�-4ssistant C*ty Manager
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Approved as to foun and legality. 0000 � Approval Recommended:
lop
By: By
Tyler Fo. ach [� irk N. Vaughter
Assistant City Attorney Director of Public Events
EQUUNE;MARKETING GROUP,INC.
By:
J.
ootman,Executive Director
188628v6
LICOFFICIAL RECORD
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I OA D
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CITY SECRETARY
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le WORTH, TX