HomeMy WebLinkAbout03/19/2014 9A AGENDA BILL 9A
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Public Hearings (2) to approve Study Session Date: Feb 26 & Mar 12, 2014
Sub - concession and Future Assignment of COUNCIL MEETING Date: March 5 & 19, 2014
the Olympic Soccer & Sports Center (OSSC) Department: Parks & Recreation
Concession Agreement Presenter: Wyn Birkenthal . '"
Phone: 473 -5752 Gley
SUMMARY:
Olympic Soccer and Sports Center LLC (OSSC) has operated the indoor soccer facility at
Pendergast Park under a Concession Agreement for the property with the City since 2001. OSSC
has expressed a desire to grant a sub - concession for the operations of the facility to Keystone
Financial Management Inc. Keystone intends to raise money through private investors to purchase
the buildings and improvements by the conclusion of the 3 -year Sub - concession term, at which time
OSSC would assign the Concession Agreement to Keystone. City Council approval is required for
the proposed Sub - concession and Future Assignment of the Concession Agreement.
Ownership of the underlying property upon which the improvements are located does not change
and will remain with the City.
ATTACHMENTS:
Sub - concession and Assignment of the Concession Agreement with attached:
Exhibit A — First Amended Concession Agreement.
Exhibit B — Memorandum of First Amended Concession Agreement
Bremerton Parks and Recreation Commission Advisory Report
FISCAL IMPACTS (Include Budgeted Amount): No Fiscal Impact.
STUDY SESSION AGENDA: 0 No Presentation ❑ Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ❑ General Business ® Public Hearings (2)
RECOMMENDED MOTION:
March 5 — No Action
March 19 — Move to approve the sub- concession and future assignment of the Pendergast Indoor
Soccer Center Concession Agreement from Olympic Soccer and Sports Center LLC to Keystone
Financial Management Inc., or wholly owned subsidiary thereof, and authorize the Mayor to finalize
and execute the proposed agreement and any other related agreements to finalize the proposed
transactions with substantially the same terms and conditions as presented.
COUNCIL ACTION: X Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/25/13