HomeMy WebLinkAbout11/16/2022 7A
AGENDA BILL
CITY OF BREMERTON
7A
CITY COUNCIL
SUBJECT:Study SessionDate: November 9, 2022
Fifth Addendum to the Operating Agreement COUNCIL MEETING Date: November 16, 2022
with the Admiral Theatre Foundation for the
Department: Finance
Operation of the Admiral Theatre
Presenter: Mike Riley
Phone: (360) 473-5306
SUMMARY:
The Cityhas a current Operating Agreement with the Admiral Theatre Foundation to operate City
owned theater.The operating agreement expires September 27, 2040, with an annual amount paid
to thefoundation from revenues received from the lodging tax in the amount of $90,000 per year. In
2018, the Council approval the FourthAddendum to the agreement extending the increaseinfunding
to $150,000 per year through year 2022. This Fifth amendment would further extend this funding
increase and without this amendment the funding agreement willrevert back toa funding amount of
$90,000 annually through expiration of the agreement.
The Admiral Theatre Foundation submitted an application to the Lodging Tax Advisory Committee to
extend the additional funds. LTAC recommendedanextension of the additional $60,000 be allocated
to the Admiral Theatre Foundation annually through 2027for a total of $150,000per year. City
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Council will consider therecommendationfor approvalat the November 16, 2022 Council meeting.
The extension ofthe $150,000 was included in the proposed 2023Budget pending City Council
adoption.
ATTACHMENTS:1) Fifth Addendum to the Operating Agreement; and 2) Exhibit A Operation
Agreement
FISCAL IMPACTS(Include Budgeted Amount): This item has been budgeted for 2023.
STUDY SESSION AGENDA: LimitedPresentationFull Presentation
STUDY SESSION ACTION:Consent AgendaGeneral BusinessPublic Hearing
RECOMMENDED MOTION:Move to approve the Fifth Addendum to the Operating Agreement with
Admiral Theatre Foundation extending the annual compensation of $150,000 through 2027;and
authorize the Mayor to finalize and execute the agreement with substantially the same terms and
conditions as presented.
COUNCIL ACTION:Approve Deny Table Continue No Action
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Form Updated 11/09/2021