Vote: approved

Item Text

S-1. AMEND LETTER AGREEMENTS DATED SEPTEMBER 10, 2007 (THE LED BOARD LETTER AGREEMENT) AND OCTOBER 11, 2007 (THE SUITE RENOVATIONS PHASE II LETTER AGREEMENT) 1. Approve an “Amendment to LED Board and Suite Renovations Phase II Letter Agreements” (the “Amendment”) that amends two letter agreements between the Stadium District and AZPB Limited Partnership (the “Team”), AZPB FM Limited Partnership (the Facility Manager”), and AZPB REM Limited Partnership dated September 10, 2007 (the LED Board Letter Agreement) and October 11, 2007 (the Suite Renovation Phase II Letter Agreement). The Amendment provides that the Stadium District will repay a total of $5,706,856.69 remaining outstanding on amounts owed by the Stadium District to the Team for costs initially paid by the Team for the LED Board and Suite Renovation Phase II projects approved in 2007 earlier than otherwise required under the two letter agreements. In consideration of this early repayment, the Amendment provides that the Facility Manager and Team agree to a change in maintenance/cleaning procedures at Chase Field requested by the Stadium District, which implementation will increase operational costs for the Facility Manager to clean the stadium bowl following baseball games and other events at Chase Field. 2. Approve an increase in transfer out authority in the amount of $4,273,928.24 from the Stadium District (680) Ballpark Operations Fund (253) Non-Recurring (0001) to the Stadium District (680) Debt Service Fund (370) Non-Recurring (0001). This will result in an increase in the amount of $4,273,928.24 to the expenditure budget for the Stadium District (680) Ballpark Operations Fund (253) Operating Budget (0001) and an increase in the amount of $4,273,928.24 to the revenue budget for the Stadium District (680) Debt Service Fund (370) Operating Budget (0001). The above transactions will be offset with corresponding adjustments to Stadium District (680) Eliminations Fund (900) Non-Recurring (0001) for a net impact of zero. 3. Approve an increase in the expenditure authority in the Stadium District (680) Debt Service Fund (370) Non-Recurring (0001) of $4,273,928.24.This action will adjust the District’s Budget to reflect the repayment of the total amount due to the Team on the Chase Field Video Board/Scoreboard Replacement Project. 4. Approve an increase in transfer out authority in the amount of $1,432,928,45 from the Stadium District (680) Ballpark Operations Fund (253) Non-Recurring (0001) to the Stadium District (680) Debt Service Fund (370) Non-Recurring (0001). This will result in an increase in the amount of 1,432,928.45 to the expenditure budget for the Stadium District (680) Ballpark Operations Fund (253) Operating Budget (0001) and an increase in the amount of $1,432,928.45 to the revenue budget for the Stadium District (680 Debt Service Fund (370) Operating Budget (0001). The above transactions will be offset with corresponding adjustments to Stadium District (680) Eliminations Fund (900) Non-Recurring (0001) for a net impact of zero. 5. Approve an increase in the expenditure authority in the Stadium District (680) Debt Service Fund (370) Non-Recurring (0001) of $1,432,928.45. This action will adjust the District’s Budget to reflect the repayment of the total amount due to the Team on the Chase Field Suite Renovations Phase II Project. These actions (#2 and #4) will increase the expenditure appropriation in the Ballpark Operations Fund (253) and increase the revenue budget in the Debt Service Fund (370) in total by $5,706,856.69 along with the corresponding adjustments to the Stadium District (680) Eliminations Fund (900). These actions (#3 and #5) will increase the expenditure appropriation in the Stadium District (680) Debt Service Fund (370) in total by $5,706,856.69. 6. Pursuant to Electronic Fund Transfer Policy Number A2512, the Maricopa County Stadium District is requesting authorization to have the Treasurer’s Office process an Electronic Funds Transfer in the amount of $5,706,865.69 to JPMorgan Chase Bank, N.A. on behalf of AZPB Limited Partnership. The Stadium District’s request for authorization to the Treasurer’s Office will come from the Director, Daren Frank and the Financial Business Analyst, Barbara Norris. The Stadium District will prepare a corresponding journal voucher to record the EFT transaction on the County’s Financial System in the same accounting period as the EFT. (C-68-14-001-M-00)