Fiscal Note
This Agreement sets forth the funding responsibilities for the Bleacher Improvement project at Warner Park Stadium, and enables future improvements to the Stadium. The agreement is consistent with the 2011 Parks Executive Capital Budget, which includes $1,300,000 in funding for the Warner Park Stadium project. Funding of $800,000 of General Obligation borrowing and $500,000 of private funding from the Madison Mallards is included in the Budget. The Agreement provides that the "City agrees to contribute up to, and no more than, $800,000 toward this project, while Mallards agrees to contribute $500,000 plus any additional costs over the estimated $1.3 million." The Agreement further requires "An irrevocable letter of credit provided by the Mallards for the benefit of the City to secure the Mallards' payment to the City for the Bleacher Replacement Project as provided under this Improvement Agreement." The Agreement also includes an outline for an additional $500,000 in Mallards funding for improvements over the next 10 years. All future improvements to the Stadium under this agreement would become property of the City of Madison.
Title
Authorizing the Mayor and City Clerk to execute an Agreement to Undertake Improvements to Warner Park Stadium Between the City of Madison and Madison Mallards LLC. (AD#12)
Body
WHEREAS, the City of Madison ("City") and the Madison Mallards LLC ("Mallards") entered into a Use Agreement dated as of March 23, 2006 governing the Mallards' use of the City's Warner Park Stadium and facilities (the "Ballpark") through 2010 for the operation of a baseball team; and
WHEREAS, the City and Mallards ("Parties") intend to enter into a new Use Agreement concurrently with this Improvement Agreement, to have a term of ten (10) years commencing on January 1, 2011; and
WHEREAS, the Parties agree that certain improvements to the Ballpark should be made, including, specifically, a replacement of the bleachers; and
WHEREAS, the Parties agree that during the term of the new Use Agreement, that the Mallards may, from time to time, desire additional improvements to be made to the Ballpark, and that since 2001 the Mallards have made such improvements to the Ballpark, said improvements being approved by the Board of Parks Commissions and becoming the property of the City upon construction; and
WHEREAS, this Improvement Agreement is intended to provide for certain duties and responsibilities of the Parties for design, development, approval, funding and construction of improvements to the Ballpark during the life of the new Use Agreement, in accordance with the City's adopted 2008 and 2009 Capital Budget, the City's Standard Specifications for Public Works Construction, and the practice of the City and Mallards since 2001; and
WHEREAS, in order to achieve the public purpose of providing recreation and encouraging economic development and tourism for its citizens, the City proposes to design and construct certain improvements at the Ballpark, and review, reject or approve, and accept certain improvements at the Ballpark, which will be made available to the Mallards for the purpose of operating a baseball team thereon; and
WHEREAS, the City believes the improvements to the Ballpark facility pursuant to this Improvement Agreement and the fulfillment generally of this Improvement Agreement and the corresponding Use Agreement are in the vital and best interests of the City and its residents and in accordance with the public purposes and conditions of the applicable state and local laws and requirements under which these improvements will be being carried out.
NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Clerk are authorized to execute with the Madison Mallards, LLC for improvements to Warner Park Stadium.
BE IT FINALLY RESOLVED That all such agreements shall be in a form approved by the Risk Manager and the City Attorney.