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HomeMy WebLinkAbout1 - Original Submission_ 11_16_2022 7AAGENDA BILL CITY OFBREMERTON 7ACITYCOUNCIL SUBJECT:Study SessionDate: November 9, 2022 FifthAddendum totheOperating Agreement COUNCIL MEETING Date: November 16, 2022 withtheAdmiral Theatre Foundation forthe Department: Finance Operation oftheAdmiral Theatre Presenter: MikeRiley Phone: (360) 473-5306 SUMMARY: TheCityhas acurrent Operating Agreement withtheAdmiral Theatre Foundation tooperate City ownedtheater.Theoperating agreement expires September 27, 2040, withanannual amount paid tothefoundation fromrevenues received fromthelodging taxintheamount of $90,000peryear. In 2018, theCouncilapproval theFourthAddendum totheagreement extending theincreaseinfunding to $150,000peryearthrough year 2022. ThisFifthamendment wouldfurther extendthisfunding increase and withoutthisamendment thefunding agreement willrevert back toafunding amount of 90,000annually throughexpiration oftheagreement. TheAdmiral Theatre Foundation submitted anapplication totheLodging TaxAdvisory Committee to extend theadditional funds. LTAC recommendedanextension oftheadditional $60,000beallocated totheAdmiral Theatre Foundation annually through2027for atotalof $150,000per year. City thCouncilwillconsidertherecommendationforapprovalattheNovember16, 2022Council meeting. Theextension ofthe $150,000wasincluded intheproposed 2023Budget pending CityCouncil adoption. ATTACHMENTS:1) FifthAddendum totheOperating Agreement; and2) Exhibit AOperation Agreement FISCAL IMPACTS(Include Budgeted Amount): Thisitemhasbeenbudgeted for2023. STUDY SESSION AGENDA: LimitedPresentationFull Presentation STUDY SESSION ACTION:Consent AgendaGeneral BusinessPublic Hearing RECOMMENDED MOTION:Movetoapprove theFifthAddendum totheOperating Agreement with AdmiralTheatre Foundation extending theannual compensation of $150,000through 2027;and authorize theMayor tofinalize andexecute theagreement withsubstantially thesameterms and conditions aspresented. COUNCIL ACTION:Approve Deny Table Continue NoActionX FormUpdated 11/09/2021 DocuSign Envelope ID: DAFD4076-F29F-4AFA-84DF-CE154417BD74