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<br />Section 8. Actions Required h), Each Party
<br />(A) Actions RCqUjEcd of the Cine: Immediately upon the approval of this Memorandum of
<br />Understviding by the City Council, the City shall commence good faith negotiations with the various parties
<br />to draft and, when appropriate, execute the agreements which pertain to its participation in the tractions
<br />contemplated by this Memorandum of Understanding. The City shall also conunence to take the necessary
<br />steps to fund a grant to the County in the amount of One Million Four Hundred Thousand Dollars
<br />($1,400,000), which amount shall constitute a portion of the County's local matching funds as required by
<br />Section 288.1162, Florida Statutes. At tate 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 Existing; Facilities
<br />constitute a "facility fora retained spring training franchise" as described in Section 288.1162, Florida
<br />Statutes. The terns of the City's grant to the County shall be set forth in an Interlocal Agreement between
<br />the City and the County as provided for in Chapter 163, Florida Statutes, which Interlocal 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: (1) 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 />(B) Actions Reguimd ofthe County: Immediately following the approval of this Memorandum
<br />of Understartc1mg by the Board of County Commissioners (the "Board"), the County shall commence good
<br />faith negotiations with the variolas 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 125.0104, Florida Statutes, so that a Tourist Development Tax
<br />m the authorized amount of foto (4) cents shall be imposed for a period of not less than twenty (20) years.
<br />In addition, the County shall approve the Interlocal 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, funds anticipated to be received by the
<br />County under Section 288.1162, 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 510,000,000 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 tate Improvements, and currently available non -
<br />bond proceeds in an amount of up to $2,000,000 to fiord 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 288.1162, Florida Statutes, prior to October 1, 2000 (or such later date asmay be
<br />set favh in any rules or regulation adopted by the F]ori da Office of Tourism), in an effort to obtain a
<br />certification that the Facility is a "favi?ity for a retained spring training franchise".
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