HomeMy WebLinkAbout33566 / 85-01Resol. #1
(Page from Developer Agreement re Centre Project
showing requested change.)
(2) Such base manaqement fee as is actually paid to the
Hotel Operator as follows:
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(a) the greater of 3.5� of gross operating income
(revenues) or a flat fee of 5150,000; and
(b) a base asset management of $25,000 p?r year;
and
(c) 58 of Available Cash, as defined in the Hotel
Management Aareement, in the evenC that
t�vaiiable Cash in a fiscal year is between
$100,000 and $200,000, ar 108 of Available
Cash in the event that•Available Cash in a
fiscal year is in excess of S200,000
provided, however, that the sum of a}, b) and c)
above shall not exceed 48 of gross operating
reve�ues as required in Exhibit E, Paragraph
IV(7)(i) of the UDAG Agreement
(3) Real estate taxes and insurance
(4) Furniture, f3xtures and equipment reserve which
shall not exceed 1.78 of total revenues
(5) Debt service on first mortgage
.
�6) Debt service on second mortgage
(7) Incentive management fee defined as follows:
(a) 108 of Available Cash in each fiscal year (as
deiined in the Hotel Manaqement Agreement,
provided, however, that the Incentive
Management Fee shall be limited to 108 of
adjusted gross operating profit (which is
gross operating profit less charges for
, insurance, real estate taxes, and a ceserve
for replacement of furniture, fixtures, and
•equipment�
(8) $924,075 payment basad on a calculation of fifteen
percent (258) of 56,160,500 of debt equity.
-7-
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August 26, 1985
(CARRIED
PURPOSE:
INITIATED BY
#1 RESOLUTION
LOST LAID OVER WITHDRAWN )
APPROVE MODIFICATION TO DEVELOPER AGREEMENT
OSHKOSH CENTRE
CITY ADMINISTRATION
BE IT RESOLVED by the Common Council of the City of Oshkosh
that the proper City officials are hereby authorized and directed
to enter into the attached modified Developer Agreement for the
Oshkosh Centre project.
SUBNITTED BY
A2PROVED
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