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2000-266H
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Last modified
7/18/2024 3:41:42 PM
Creation date
7/18/2024 3:15:25 PM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
09/07/2000
Control Number
2000-266H
Agenda Item Number
10.B.7.
Entity Name
Los Angeles Dodgers, Inc.
Subject
Application for Certification of retained Spring Training Franchise to
Florida Office of Tourism, Trade & Economic Development
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k Tab "E": Development Agreement between the County and the Dodgers dated as of <br />September 1, 2000 (the "Development Agreement"). The Development Agreement <br />P is the operative agreement under which the Dodgers will undertake the obligation of <br />completing certain improvements to Dodgertown consisting of renovations to the <br />existing housing and conference facilities, improvements to Holman Stadium and <br />4 certain ofthe existing practice fields, and the construction of new practice fields, The <br />selection of design criteria professionals and a desigrvbuild firm to implement the <br />proposed Dodgertown improvements, renovations and new construction will be <br />conducted by the County in accordance with the Consultants Competitive <br />Negotiations Act, Section 287.055, F7orida Statwes, and other applicable provisions <br />of law, ordinances and rules governing procurement and competitive negotiations.. <br />The County is providing $7,000,000 to pay the costs of the improvements <br />contemplated for Dodgertown (currently estimated at approximately $8,400,000), <br />with the understanding that the $2,000,000 in funds held under the Capital Reserve <br />Account Agreement may be used to pay all or a portion of the costs of the <br />improvements in excess of $7,000,000. Any costs in excess of these amounts are the <br />sole responsibility of the Dodgers, and ownership of all improvements will vest in the <br />County upon completion of each improvement. <br />Tab "V: Capital Reserve Account Agreement between the County, the Dodgers and First <br />Union National flank, as the Capital Reserve Account Agent, dated as of September <br />1, 2000 (the "Reserve Agreement"). The Reserve Agreement controls the <br />disbursement of a $2,000,000 repair and replacement reserve being funded jointly by <br />the County and the City to assist in the maintenance of Dodgertown. At the option <br />of the Dodgers, the hands in the Reserve Agreement may be used to pay the costs of <br />additional improvements to Dodgertown not funded by the County in accordance with <br />the Development Agreement. Once the Dodgers have expended all of the funds held <br />under the Reserve Agreement, the Dodgers will remain obligated to find tite costs of <br />all repairs, replacements and maintenance at Dodgertown throughout the term of tite <br />Facility Lease. <br />Tab "C`x Docrttnent EscrowAgreenient between the County, the City, Fox, the Dodgers, the <br />Developer and Bryant Mills and Olive, P.A., as escrow agent (the "Escrow Agent"), <br />dated as of September 1, 2000 (the "Document Escrow"). The purpose of the <br />Document. Escrow is to recognize that although all agreements have been executed <br />and dated as of September 1, 2000, each of the agreements are subject to certain <br />conditions, such as the County receiving a certification that Dodgertown is a retained <br />spring training franchise facility. Since each of the parties have ongoing <br />1— responsibilities to complete prior to the County's issuance of bonds and closing on the <br />acquisition of Dodgertown, the Document Escrow contemplates that each of the <br />parties will proceed in good faith to complete all of their interim obligations prier to <br />�— the end of February, 2001. A complete list of all conditions is set forth in Exhibit B <br />to the Document Escrow. As contemplated by the Document Escrow, assuming the <br />r <br />1-4 <br />
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