HomeMy WebLinkAbout02/13/2017 7BAGENDA BILL
CITY OF BREMERTON 7B
CITY COUNCIL
SUBJECT: Second of two Public Hearings Study Session Date: February 8, 2017
on Amendment No. 1 for a One -Year COUNCIL MEETING Date: February 13, 2017
Extension of Sub -Concession and Department: Parks & Recreation
Assignment of Concession Agreement with Presenter: Jeff Elevado
the Olympic Soccer & Sports Center Phone: (360) 473-5428
(OSSC), LLC
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.
The first public hearing for public comment was held on February 1, 2017.
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
3) Advisory Report from Bremerton. Parks Commission
FISCAL IMPACTS (Include Budgeted Amount): No Fiscal Impact.
STUDY SESSION AGENDA: o No Presentation ❑ Full Presentation
STUDY SESSION ACTION: o Consent Agenda
RECOMMENDED MOTION:
❑ General Business Cx7 Public Hearing (2 of 2)
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: EdApprove
Form Updated 01/07/15
❑ Deny ❑ Table ❑ Continue
❑ No Action