Laserfiche WebLink
d. ERYHA commits to purchase all of its ice time needs from the <br />Ice Arena Complex. <br />5. This Agreement is entered into for the purpose of establishing a contractual <br />relationship between the City and ERYHA with respect to the ownership and operation of <br />the Ice Arena Complex. <br />CAPITAL IlvIPROVEMENTS AND DEBT SERVICE <br />6. ERYHA will contribute Thirty Thousand Dollars ($30,000.00) to the City <br />which will be placed in a reserve fund for capital improvement costs and debt service <br />payments. <br />OWNERSHIP AND MANAGEMENT <br />7. The city will own the entire Ice Arena Complex, including the property <br />legally described on Exhibit A hereto and all improvements. located thereon. <br />8. ERYHA will quit claim to the City all of its interest in the Ice Arena <br />Complex by execution of the quit claim deed attached as Exhibit B hereto. <br />9. ERTHA will assign its rights and interests in that certain easement from ISD <br />728 dated July 15, 1985 to the City by execution of the quit claim deed attached as <br />Exhibit C hereto. <br />10. On January 1, 1997, the City took over the operation and management of the <br />Ice Arena complex. All amounts received from and after that date from ice rental, sign <br />rental or other sources shall be paid to the City, along with any amounts received by <br />ERYHA prior to that date-for ice rental or sign rental from or after January 1, 1997. The <br />City shall reimburse ERYHA, or offset against amounts due the City from ERYHA, for <br />any expenses ERYI~A has incurred that are attributable to the period of time after <br />January 1, )`.997. <br />11. ERYHA will assist the City on a transaction basis in selling sign advertising <br />within the Ice Arena Complex. All revenues derived from sign rentals will be paid to the <br />City. <br />12. All revenue generated by the Ice Arena Complex, including revenue derived <br />from ice time rental, sign rental and rental of concession and other space within the <br />Complex, will be used by the City to repay debt on the Complex and, to the extent the <br />Complex generates cash flow in excess of that required to repay the debt on the. Ice Arena <br />complex, for capital improvements or renovations to the Complex. <br />ICE TIME <br />13. ERYHA shall have priority in the allocation of ice time, subject to the City's <br />contractual obligations to ISD 728 and the City's need to accommodate all users of the <br />Ice Arena Complex. Decisions on the allocation of ice time shall be made by the <br />manager of the Ice Arena Complex. <br />BeckP 136759.2 2 <br />