HomeMy WebLinkAbout02/01/2017 6BAGENDA BILL
CITY OF BREMERTON 6B
CITY COUNCIL
SUBJECT: First of two Public Hearings on
Amendment No. 1 for a One -Year Extension
of Sub -Concession and Assignment of
Concession Agreement with the Olympic
Soccer & Sports Center (OSSC), LLC
Study Session Date
COUNCIL MEETING Date
Department:
Presenter:
Phone:
January 25, 2017
February 1 & 13, 2017
Parks & Recreation
Jeff Elevado
(360) 473-5428
SUMMARY:
On June 27, 2014, the City entered into a Sub -concession and Assignment of Concession
Agreement ("Sub -concession") with Olympic Soccer & Sports Center, LLC ("Olympic") and Keystone
Financial Management, Inc. ("Keystone") authorizing Olympic to grant to Keystone a sub -concession
of the Concession. Agreement upon certain terms and conditions whereby Keystone would acquire all
interest in the assets of Olympic in the future including the assignment of the Concession Agreement
to Keystone. The term of the Sub -concession will expire on February 28, 2017. Olympic has
requested a one (1) year extension to the Sub -concession to allow the parties to finalize financing
and the assignment of the Concession Agreement to Keystone.
Ownership of the underlying property upon which the improvements are located does not change
and will remain with the City.
ATTACHMENTS:
1) Amendment No. 1 to Sub -concession and Assignment of Concession Agreement; and
2) Sub -concession and Assignment of the Concession Agreement with Exhibits A & B
FISCAL IMPACTS (Include Budgeted Amount): No Fiscal Impact.
STUDY SESSION AGENDA: ❑ No Presentation o Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda
RECOMMENDED MOTION:
February 1: Public Comment Only with No Action
❑ General Business o Public Hearing (1 of 2)
February 13: Move to approve a One -Year Extension to the Sub -Concession and Assignment of
Concession Agreement with the Olympic Soccer & Sports Center (OSSC), LLC; and authorize the
Mayor to finalize and execute the agreement with substantially the same terms and conditions as
presented.
COUNCIL ACTION: [✓f Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15