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<br />Section 8, Actions &jImired by EjkchJ�aM
<br />(A) Act jpns Required of the City: Immediately upon the approval of this Memorandum of
<br />Understanding by the City Council, the City shall commence good faith negotiations with die various parties
<br />to draft and, when appropriate, execute die agreements which pcttain to its participation in the transactions
<br />contemplated by this Memorandum of Understanding. The City shall also commence to take the necessary
<br />steps to fund a grant to the County in the amount of One Million Four Hundred Thousand Dollars
<br />(S I,400,000), which amount shall constitute a portion of the County's local matching fiords as required by
<br />Section 288.1152, Florida Statutes. At the option of the City, such grant may be made contingent upon
<br />the County obtaining a certification from the Office of "Tourism that the Land and Fxisting Facilities
<br />constitute a "facility for a retained spring training franchise" as described in Section 288,1152, Florida
<br />Statutes. The terms of the City's grant to die County shall be set forth in an Interlocal Agreement between
<br />die. City and die County as provided for in Chapter 153, Florida Statutes, which lnlerlocal Agreement shall
<br />reflect the relative contributions of the City and the County, and shall provide that upon any sale of the
<br />property acquired by the County pursuant hereto the City shall receive a proportionate share of the
<br />proceeds of sale. The Interlocal Agreement shall also contain a provision requiring repayment to the City
<br />of its $1,400,000 should it perform its obligations hereunder, and subsequently either: ( i) the transactions
<br />contemplated hereby not be consummated, or (2) the transactions be consummated yet fail and the parties
<br />be "relieved of their obligations" as provided elsewhere herein.
<br />(13) Actions Required ofthc County: Inuttediately following the approval of this Memorandum
<br />of Understanding by the Board of County Commissioners (the "Board"), the County shall commence good
<br />Faith negotiations with the various parties to draft and, when appropriate, execute the agreements which
<br />pertain to its participation in the transactions contemplated by this Memorandum of Understanding. The
<br />County shall also commence to take the necessary steps to extend the County's levy of the Tourist
<br />Development Tax authorized by Section 125.0 104, Florida Statutes, so that a Tourist Development Tax
<br />in the authorized amount of few- (4) ceras shall be imposed for a period of not less [hast twenty (20) years.
<br />In addition, the County shall approve the I nterlocal Agreement with the City regarding the City's grant of
<br />funds to the County as a portion of the County's local matching funds. As part of these steps, the County
<br />shall identify sufficient revenue sources, including, for this purpose, ftutds anticipated to be received by the
<br />County under Section 288.1152, Florida Statutes, to enable the County to issue revenue bonds providing
<br />net bond proceeds (i.e., bond proceeds less costs of the transaction and bond reserve funds) of not less
<br />that $19,000,000, of which $10,000,000 shall be used to fund the purchase price of the Land and
<br />$7,000,000 shall be used to fund the Construction Fund for the Improvements, and currently available non -
<br />bond proceeds in an amount of up to $2,000,000 to fund the Capital Reserve Account. Upon completion
<br />of these steps, and the execution by the County of the Real Estate Contract, Facility Lease Agreement,
<br />Development Agreement, and Parking Agreement, the County shall complete and file the Application
<br />required by Section 288.1152, Florida Statutes, prior to October I, 2000 (or such later date as may be
<br />set forth in any rules or regulation adopted by the Florida office orl'ourisin), in an effort to obtain a
<br />certification that the Facility is a "facility for a retained sprint; training franchise".
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