Laserfiche WebLink
<br />1. The initial term shall be thirty (30) years with two (2) thirty (30) years options to <br />renew plus a third option for nine (9) years, for a total potential lease term of ninety <br />nine (99) years. <br /> <br />2. The City shall have the right to use those portions of the Aquatic Entertainment <br />Center described as the ballroom or banquet facilities for City sponsored events nine <br />(9) times during each calendar year, provided thirty days notice is provided to <br />Developer. <br /> <br />3. Developer shall be required to develop, manage, and operate at its sole expense the <br />Aquatic Entertainment Center and retail stores. <br /> <br />4. Commencing upon year five (5) of the lease, Developer shall pay the City a net <br />annual rent in the amount of $324,000.00 (three hundred twenty four thousand <br />dollars) with CPI increases every fifth year. <br /> <br />5. Developer shall also pay to the City 4% on gross receipt sales on any food, beverages, <br />and miscellaneous goods such as gifts, shirts, caps and souvenir to its customers or <br />from renting the banquet facilities. <br /> <br />6. Developer shall be required to pay a security deposit equal to two (2) years of rent or <br />$648,000.00 (six hundred forty eight thousand dollars) to secure its obligations under <br />the ground lease, and to pay applicable taxes. <br /> <br />7. Developer shall be required to commence construction of the Aquatic Entertainment <br />Center within six (6) months of site plan approval by the City. <br /> <br />8. Developer and a responsible architectural/engineering firm shall enter into a contract <br />for the design of the parking garage and park. The parking garage will be under the <br />day to day control of the City and the City will be entitled to all revenue from the use <br />of the parking garage. <br /> <br />9. Developer shall be responsible for securing a completions guaranty or a lien bond and <br />a performance and payment surety bond to secure their obligations under the ground <br />lease. <br /> <br />10. Developer shall be responsible for marketing and leasing the Aquatic Entertainment <br />Center to prospective users of the facilities. <br /> <br />11. Developer shall be responsible for retaining an acceptable vendor to manage and <br />operate the Aquatic Center and associated amenities. <br /> <br />12. Developer shall be responsible for maintaining insurance, including general public <br />liability insurance, worker's compensation insurance, and builder's risk insurance. <br />