FACILITIESONGOING

communities_facilities_district_board_meeting_agen.pdf

ECCFD Maintains Long-Term Parking Lot License with Fain

$70,000 per year license fee for ticketed events (or $2.10 per ticket sold, whichever greater), plus $500 per non-ticketed event day, plus box seat annual fee $5,000, taxes, and Center use valueTown of Prescott ValleyFAINJune 27, 2024

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Description

The Entertainment Center Community Facilities District maintains a long-term agreement with Fain for event parking lot license and related costs, including annual and per-event fees with a 20-year term and responsibilities for maintenance and insurance. Fain also receives a nominal lease back for private use and box seat privileges.

Contract Details

Contract Amount

$70,000 per year license fee for ticketed events (or $2.10 per ticket sold, whichever greater), plus $500 per non-ticketed event day, plus box seat annual fee $5,000, taxes, and Center use value

Vendor

FAIN

Agency

Town of Prescott Valley, AZ

Contract Type

FACILITIES

Document Date

June 27, 2024

Contract Term

20 years from effective date of Bankruptcy Plan, annual increases to license fees, agreement to be renegotiated after 20 years

Renewal Info

Annual license fee increases 3% per year, right to renegotiate after 20 years, possible early termination if the Center closes for 6 months. Fain may substitute equivalent parking areas.