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 Pa...
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