Laserfiche WebLink
Year one: <br />Year two: <br />Years three through sever: <br />$ 5,000.00 <br />$10,000.00 <br />$15,000.00 <br />2. The first annual payment shall be due on the Effective Date; and subsequent <br />annual payments shall be due on the anniversary of the Effective Date. <br />C. Percentage Payments. <br />1. In addition to the annual payment, SBC «ill pay the City a percentage of the <br />annual net revenues generated through the concession and catering services provided by <br />SBC, as follows: <br />Concession sales: <br />Catering sales: <br />12.0% <br />6.5% <br />Net revenues shall be defined as SBC's total gross sales, less sales taxes, refunds, rebates, <br />credits or returns from its operations at the MPF. <br />2. Payments under the revenue sharing formula will be made to the City on or <br />before the 30" day after the preceding year. <br />3. SBC agrees to provide appropriate records of gross and net revenues to the <br />satisfaction of the City for review «vide each percentage payment. <br />4. SBC agrees that it is not entitled to and will not take any tax position that is <br />inconsistent with being a ser-vice provider to the City vvith respect to the MPF. For example, <br />SBC shall not to claim any depreciation or amortization deduction, investment tax credit, or <br />deduction for any payment as rent «pith respect to the MPF. <br />5. The City may require that this Agreement be amended and restated on the <br />2'd anniversary of the Effective Date or any day thereafter if the City determines that, in order <br />to preserve die tax-exempt status of the Ciq, s General Obligation Sales Tax Revenue Bonds, <br />Series 2019A or any bonds issued to refund such bonds, it is necessary to amend this <br />agreement to meet die requirements of a qualified management agreement ii accordance <br />with Rev. Proc. 2017-13. <br />ARTICLE V <br />INDEPENDENT CONTRACTOR <br />A. This Management Agreement calls for the management of concession and catering <br />services by SBC as an independent contractor and SBC, its employees, agents or representatives will <br />not be considered employees of the City for any purposes. <br />B. SBC covenants that SBC has no interest and shall not acquire any iiterest; direct or <br />indirect, fuiancial or othenvise, that would conflict m any manner or degree with the performance <br />of services hereii. <br />111752655.4 ] <br />EL185-44-683214.v4 <br />