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Board of County Commissioners <br /> May 28, 2013 <br /> Page Two <br /> • As currently written, the FLA provides for each party to contribute $50,000 per year into the <br /> Capital Reserve Account during the renewal term. As revised, the County will contribute <br /> $250,000 per year, and Verotown will not contribute any amount, into the Capital Reserve <br /> Account. Clarification is also provided with respect to the type of equipment to be funded out of <br /> the Capital Reserve Account. <br /> • Verotown is given the right to terminate the lease, without liability,upon 120 days notice <br /> • All references to liquidated damages are eliminated. If Verotown leaves without giving the 120 <br /> days notice, it will be liable for actual damages sustained by the County during the 120 day period <br /> • Changes are made in insurance obligations. Specifically, Verotown is required to maintain certain <br /> motor vehicle liability insurance, and the County, as the owner of the facility, will absorb the cost <br /> of property/casualty insurance <br /> • Any net income derived by Verotown from its operations of the facility will either be reinvested in <br /> enhancements to the facility, or paid to the County at the end of the FLA <br /> • Verotown will endeavor to create and operate a Dodgers museum,which will be open to the public <br /> • Verotown will continue to emphasize entertainment opportunities which will be open to the public <br /> • The limited personal guaranty of National Association of Professional Baseball Leagues, Inc. will <br /> terminate on April 30, 2014. There will be no replacement personal guaranty <br /> • All changes, except renovation of the hotel rooms, will become effective on May 1, 2014 <br /> Staff believes that these changes are reasonable and recommends approval of the Third Amendment. <br /> While the County is taking on additional financial obligations, staff believes that these are offset by the <br /> substantial maintenance costs which Verotown will pay during the renewal term, coupled with the new <br /> agreement relating to net income derived from operations of the facility. <br /> RECOMMENDATION. <br /> Staff recommends that the Board approve the attached Third Amendment to Facility Lease Agreement. <br /> ATTACHMENT(S). <br /> Proposed Third Amendment to Facility Lease Agreement <br /> ASP:LAC <br /> FA4rtome Vl d.%GENERALO CCUS-da Df—IDodgen—(VEM 09.d- <br /> 160 <br />