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2018-293A
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2018-293A
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Last modified
1/4/2021 3:18:03 PM
Creation date
1/11/2019 9:40:19 AM
Metadata
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Template:
Official Documents
Official Document Type
Lease
Approved Date
12/18/2018
Control Number
2018-293A
Agenda Item Number
11.A.
Entity Name
Verotown, LLC
Subject
Amended and Restated Facility Lease Agreement
MLB will purchase membership interest
Recorded BK 3175, PG. 1082
Area
Historic Dodgertown
Alternate Name
Major League Baseball
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and continuing through the last year of the third Renewal Term (if such Renewal Terms are <br />exercised), annually on or before September 1 the County shall deposit into the Capital Reserve <br />Account a total annual contribution of Four Hundred Thousand and No/100 Dollars <br />($400,000.00), as adjusted pursuant to paragraph (b) below. For the avoidance of doubt, there <br />shall be a total of eleven (11) annual contributions to the Capital Reserve Account made by the <br />County during the Initial Term. <br />(a) County Funds in the Capital Reserve Account will be available to fund Capital <br />Improvements, Repairs or Replacements and Verotown Improvements to the extent <br />reimbursement is authorized pursuant to Section 8.05 hereof, and up to Two Hundred <br />Thousand and No/100 Dollars ($200,000.00) in any Lease Year (subject to increase or <br />adjustment in Lease Year seven and beyond as set forth in subsection (b)) may be used to <br />fund Facility maintenance (the "Maintenance Allocation"). County Funds in the Capital <br />Reserve Account may also be used to reimburse Verotown for capital or maintenance <br />expenses (subject to the annual Maintenance Allocation limitation above) incurred by <br />Verotown in excess of the County contributions in any prior year (e.g., expenses incurred <br />by Verotown above Eight Hundred Thousand and No/100 Dollars ($800,000.00) in Lease <br />Year one may be applied to the Lease Year two contribution and beyond). Unused funds <br />from one Lease Year shall carry over to successive Lease Years (e.g., if Verotown incurs <br />expenses below Eight Hundred Thousand and No/100 Dollars ($800,000.00) in Lease <br />Year one, the remaining amount, and any portion thereof attributable to the Maintenance <br />Allocation, shall be applied to any capital or maintenance expenses incurred in Lease <br />Year two and beyond). <br />(b) Beginning in Lease Year seven and continuing through the last year of the <br />Third Renewal Term, the County's annual contribution to the Capital Reserve Fund shall <br />be annually adjusted by the Price Index Change, and fifty percent (50%) of such adjusted <br />portion shall be allocated towards maintenance expenses. In the event the Price Index <br />Change would cause a reduction in the County's annual contribution from the amount <br />required in the prior Lease Year, the amount of the annual contribution made by the <br />County will remain the same as the amount required in the prior Lease Year, but the <br />monetary amount by which the annual contribution should have been reduced will, until <br />eliminated, be credited against future increases in the County's annual contribution to the <br />Capital Reserve Account required by the Price Index Change. For example, if in Lease <br />Year seven the Price Index Change would result in a $20,000 reduction to the County's <br />annual contribution, the County will make the same $400,000 contribution to the Capital <br />Reserve Account as it made in Lease Year six; however, if in Lease Year eight, or any <br />subsequent Lease Year, the Price Index Change would result in a $40,000 increase, then <br />the County will first apply the $20,000 credit, resulting in a net increase of only $20,000 <br />in Lease Year eight. <br />Section 8.03. Disbursement of Capital Reserve Account Funds. County Funds on <br />deposit in the Capital Reserve Account will be disbursed by the Capital Reserve Account Agent <br />solely upon fulfillment of the following conditions: <br />18 <br />
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