HomeMy WebLinkAbout2006 S Finance - Amendment to SportsPlex Management Agreement~, . ..
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MANAGEMENT AGREEMENT
AMENDMENT #1
This MANAGEMENT AGREEMENT AMENDMENT #1 (this "Amendment")
is dated as of the 13`h day of June, 2006, by and between Orange County, North Carolina,
P.O. Box 8181, Hillsborough, NC 27278, a political subdivision of the State of North
Carolina ("the County") and Recreation Factory Partners (a division of IV Sports
Factory, LLC), 1439-200 S. Main Street, Wake Forest, NC 27587 ("RFP").
WHEREAS the County and RFP entered into a Management Agreement ("the
Agreement") on December 15, 2005 related to the Recreation Complex and Ice Arena
described in Schedule A to the Agreement; and
WHEREAS North Carolina law requires an amendment to the Agreement.
NOW, THEREFORE, in consideration of the mutual premises, covenants and
agreements herein contained the parties hereto agree as follows:
Section 5.6 of the Agreement is rewritten to read as follows:
5.6 Receipts and Disbursements
RFP shall establish and maintain, in the name of RFP, in one or
more depositories designated by the County, one or more operating,
payroll and other bank accounts (hereafter referred to as "such accounts"
and "the operating accounts") for the promotion, operation and
management of the facility. RFP employees that have signature authority
with respect to such accounts shall be property insured as specified in
Section 8.4 of this Agreement. All Operating Expenses shall be paid by
RFP from such accounts. All revenues collected by RFP from the
operation of or in any way related to the Facility shall be deposited into a
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bank account in the name of the County in a depository designated by the
County. All revenues collected by RFP arising from, related to or payable
in connection with the Facility, including but not limited to revenues for
membership fees, user fees, box office sales, facility or equipment rentals,
utility rental agreements, food and beverage concessions, naming or
pouring rights, licensing agreements, sales, marketing, leasing or other
commissions, or any other source, are the sole property of the County,
held in trust by RFP for the County, for deposit in the depository account
in the County's name designated for that purpose as provided herein. The
County agrees to transfer funds from the depository account in the name
of the County to one but not more than one of the operating accounts. Any
amounts remaining in the operating accounts, upon termination or
expiration of this Agreement for any reason, after payment of all
outstanding Operating Expenses, shall be the sole property of the County
and shall be promptly paid by RFP to the County.
2. In all other respects the Agreement is confirmed to be as it is written.
IN WITNESS WHEREOF, this AMENDMENT #1, MANAGEMENT
AGREEMENT has been duly executed by the parties hereto as of the day and year first
above written.
Orange County, North Carolina
By
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r.
ATTEST:
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Donna S. Baker, Clerk to the Board of
Commissioners
Recreation Factory Partners (a division of
IV Sports Factory, LLC)
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By: n
Name: zJ F"
Title: Manager, IV Sports Factory, LLC
This instrument has been pre-audited
in the manner required by the Local
Government Budget and Fiscal Control
Act.
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Finance Director
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