4.5 SR 10-02-2023 - Laserfiche WebLink

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ELK RIVER MULTI-PURPOSE FACILITY NAMING RIGHTS AGREEMENT th THIS NAMING RIGHTS AGREEMENT 19 day of October, CITY OF ELK RIVER, a Minnesota municipal FURNITURE & THINGS, INC., a Minnesota Corporation Primary RECITALS A. The City of Elk River owns the Elk River multipurpose f address of 1000 School Street, Elk River, MN 55330. B. Primary Sponsor is a furniture retailer located at 15612 Jarvis Street NW Elk River, MN 55330 with the intent of attaining exclusive naming rights to the Facility. C. The City and Primary Sponsor enter into this Agreement whereby in exchange for Primary agreement to make initial and annually recurring Contributions (as hereinafter defined) to the City for deposit to the Facility fund, the City agrees to grant to Primary Sponsor the naming rights for the Facility, as set forth and agreed to in this Agreement. D. Other than the naming rights set forth and agreed to in this Agreement, the City is not giving Primary Sponsor anything of value for the Contributions. AGREEMENT NOW, THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS, THE MUTUAL PROMISES AND CONSIDERATIONS SET FORTH BELOW, AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE CITY AND PRIMARY SPONSOR AGREE AS FOLLOWS: Article I Facility Name and Naming Rights 1. Facility. The City grants to Primary Sponsor exclusive naming rights for the Facility. 2. Facility Name and Logo. The City and Primary Sponsor will work together to create a name and logo for the Facility that showcases Primary a. The name and logo will be agreed on by the parties and approved by the Elk River City Council. 3. Facility Signage and Related Naming Rights Assets. a. Primary Sponsor will be permitted Facility signage as listed and depicted in Exhibit A, which is attached hereto and incorporated herein.