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06/14/2013
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06/14/2013
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Last modified
6/26/2018 2:09:48 PM
Creation date
3/23/2016 8:58:01 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
06/04/2013
Meeting Body
Board of County Commissioners
Book and Page
197
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FilePath
H:\Indian River\Network Files\SL00000E\S0004NC.tif
SmeadsoftID
14217
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(collectively "Enhancements"); provided, however, that any Enhancement which significantly <br /> and materially alters the Facility or the Land shall require the consent of the County, which <br /> consent shall not be unreasonably withheld. For the purposes of this section, the term Net <br /> Income, shall mean Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA), <br /> determined in accordance with Generally Accepted Accounting Principles. For clarification, the <br /> term "Earnings" in the prior sentence shall mean gross revenues minus costs of goods sold and <br /> general and administrative expenses paid by Verotown in connection with the use, management <br /> and operation of the Facility. Net Income shall be determined annually, using the fiscal or <br /> calendar year normally used by Verotown in its accounting practices. Any Net Income which <br /> has not been used for the purposes set forth in this section as of the expiration or termination of <br /> the Facility Lease Agreement shall be paid to the County. The term "books and records" in <br /> section 3.04 is hereby amended to include Verotown's profit and loss statement, and other <br /> financial records, necessary to verify Verotown's Net Income, and the reinvestment of such Net <br /> Income in Enhancements. The Enhancements shall become the asset or property of the County <br /> upon being permanently affixed to the Facility, or at the expiration or termination of this Facility <br /> Lease Agreement, whichever occurs first. Net losses in any given year within the Renewal Term <br /> shall be credited against Net Income in any following year(s). <br /> 12. Museum of Dodgertown Memorabilia. Verotown will use commercially <br /> reasonable efforts to operate, at a location within the Facility, a museum containing memorabilia <br /> of the Brooklyn or Los Angeles Dodgers. The museum shall be open to the public during <br /> reasonable hours of operation to be determined by Verotown. <br /> 13. Public Events. The County and Verotown recognize the value and importance of <br /> using the Facility in a manner which provides entertainment opportunities for the residents of <br /> Indian River County. Accordingly, Verotown will endeavor to use the facility in a manner <br /> which provides such opportunities from time to time, thereby enabling the residents of Indian <br /> River County to enjoy and benefit from events held at the Facility. <br /> 14. Good Standing—No Violation. The County and Verotown agree that, as of the <br /> date of this Third Amendment, the Facility Lease Agreement is in good standing and neither <br /> party is in breach or violation of the terms and conditions of the Facility Lease Agreement. <br /> 15. Notices. Section 13.01 is amended to delete the notice/address information <br /> relating to MiLB, and to replace such information with the following: <br /> If to Verotown: Peter O'Malley <br /> Verotown, LLC <br /> 515 S. Figueroa Street, Suite 1988 <br /> Los Angeles, CA 90071 <br /> Copy to: Craig Callan <br /> Verotown, LLC <br /> P.O. Box 2887 <br /> Vero Beach, FL 32961 <br /> FA4m—yUl—D.dge,1—Dac ,-1TAIRDAMEND1dENT TO FACILITY LEASEAGREEMENT Nay 27Fi-1).d— Page 4 of 6 <br /> 164 <br />
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