Fiscal Note
The Use Agreement provides that the Mallards will pay the City a $50,000 annual fee for use of the ballpark in the Year 2010. This amount is to increase annually, reaching a total of $65,238 in the Year 2019.
The Agreement to Undertake Improvements to Warner Park Stadium requires that the Common Council "shall have approved capital funding of the Project in an amount not to exceed Eight Hundred Thousand Dollars ($800,000)". The Agreement also provides that the "Mallards and Guarantor shall have funds available for the Project, in an amount not less than $1,400,000, and have provided the City with the Letter of Credit in that amount to secure receipt of those funds". Both of those conditions are anticipated by Board of Estimates 2009 Capital Budget Amendment No. 1. This amendment reauthorizes $800,000 of General Obligation Debt, and also recognizes $1,500,000 of private funding for the Warner Park Stadium Project. Adoption by the full Council of the 2009 Capital Budget as amended would therefore meet the City's financial obligations.
Title
Approving new ten-year lease agreement between the City and the Mallards for use of Warner Park Stadium, approving agreement to fund improvements to Warner Park Stadium, and authorizing design expenditures.
Body
WHEREAS, the Madison Mallards, LLC (Mallards) has operated a summer collegiate baseball team in Madison, Wisconsin, at the City’s Warner Park Stadium (Stadium); and
WHEREAS, the current use agreement with the Mallards expires in 2010; and
WHEREAS, the City and the Mallards desire to enter into a new use agreement for a ten-year term, with annual rent to start at $50,000 and to increase annually; and
WHEREAS, at the same time, the Mallards intend to make a contribution to the City of up to $1,400,000 to augment the City’s appropriation of $800,000 for improvements to the stadium, which improvements may be done in phases; and
WHEREAS, the City previously engaged the firm of Eppstein Uhen Architects (E...
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