Agenda - 12-05-2005-5l - Laserfiche WebLink

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FINANCIAL IMPACT: The County will receive an additional $28,500 in cash at closing to offset the costs of curing the site defect related to ADA accessibility. That amount is in addition to the $300,000 provided for in the original purchase agreement for residual capital maintenance and repairs, and is as specified in the attached amendment to the purchase agreement, RFP will receive a monthly management fee of $6,250, to be paid directly from SportsPlex operating revenues. The following table reflects RFP's projected revenues and expenses for the balance of FY 2005-06: SportsPlex Interim Budget December 16, 2005 -June 30, 2006 Personnel Services 458,167 O eratin 674,000 Ca ital* 0 Total Ex endituresforlnterimPeriod** $1,132,167 Less Offsettin Pro ram Revenue*** 866,300 Net Count Costs for Interim Period $265,867 * Any capital expenditures/repairs that may be needed for the balance of FY 2005- 06 would come from the $300,000 capital reserve that the County will receive in cash at closin "* Not includin de reciation ex ense *** Does not reflect an Count subsid The attached table with the heading "SportsPlex - 2 Year History: FY 2004-05 and FY 2005-06" reflects the County's outlays for the current and mast recent fiscal years to cover the costs of the 1995 facilities/services agreement and to carry out various due diligence activities associated with the BOCC's evaluation and consideration of the SportsPlex acquisition proposal. The net County costs of $265,867 for the balance of FY 2005-06 will be covered by capital funds already budgeted and by an additional subsidy from the General Fund. Staff estimate that in addition to the annual $400,000 in capital funds already appropriated by the BOCC for FY 2005-06 under the SportsPlex Capital Project, there will need to be an additional transfer from the General Fund of $163,435 to cover SportsPlex operations through June 30, 2006. That transfer will be presented as part of the December 13 budget amendment that will establish the SportsPlex enterprise fund budget, Any adjustment up or down in the required SportsPlex subsidy for 2005-06 will be presented as part of the final budget amendment in .June 2006. RECOMMENDATION(S): The Manager recommends that, subject to final review by the staff and County Attorney, the Board: 1) approve the amendment to the agreement to purchase the SportsPlex property from RT Holdings, Inc.; 2) approve the management agreement with Recreation Factory Partners, Inc.; and 3) authorize the Chair to sign the agreements.