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HomeMy WebLinkAbout02/21/2018 5TAGENDA BILL CITY OF BREMERTON CITY COUNCIL SUBJECT: Fourth Addendum to the Operating Agreement with the Admiral Theatre Foundation for the Operation of the Admiral Theater Study Session Date: February 14, 2018 COUNCIL MEETING Date: February 21, 2018 Department: Citv Clerk Presenter: Phone: Shannon Corin (360) 473-5323 SUMMARY: The City has a current Operating Agreement with the Admiral Theatre Foundation to operate City owned Admiral Theater. The agreement expires September 27, 2040, with an annual amount paid to the Foundation from revenues received from the lodging tax in the amount of $90,000 per year. In 2013, the Council approved the Third Addendum to the agreement to increase funding to $150,000 per year through 2017, then it would revert back to $90,000 annually through the expiration of the agreement. The Admiral Theatre Foundation submitted an application to the Lodging Tax Advisory Committee to extend the additional funds. LTAC recommended extension of the additional $60,000 be allocated to the Admiral Theatre Foundation annually through 2022 for a total of $150,000 per year. City Council approved the recommendation at the July 19, 2017 Council Meeting and the $150,000 was included in the 2018 Budget adopted by Ordinance No. 5341 on November 20, 2017. ATTACHMENTS: 1) Fourth Addendum to the Operating Agreement; and 2) Exhibit A — Operating Agreement FISCAL IMPACTS (Include Budgeted Amount): This item has been budgeted for 2018. STUDY SESSION AGENDA: © Limited Presentation ❑ Full Presentation STUDY SESSION ACTION: ® Consent Agenda ❑ General Business ❑ Public Hearing RECOMMENDED MOTION: Move to approve the Fourth Addendum to the Operating Agreement with Admiral Theatre Foundation extending the annual compensation of $150,000 through 2022, and authorize the Mayor to finalize and execute the agreement with substantia8y the same terms and conditions as presented. COUNCIL ACTION: [Approve Form Updated 01/02/2018 ❑ Deny ❑ Table ❑ Continue ❑ No Action