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HomeMy WebLinkAboutR-90-006901/06/90 J-90-90 969 RESOLUTION NO. `` A RESOLUTION, WITH ATTACHMENT, ESTABLISHING SPECIAL CHARGES, TERMS AND CONDITIONS FOR THE USE OF THE ORANGE BOWL STADIUM BY POLYSPORT, INC. FOR THE PRESENTATION OF THE CARIBBEAN BASEBALL WORLD SERIES ON AN ANNUAL BASIS FOR A THREE YEAR PERIOD BEGINNING FEBRUARY, 1990 ON SELECTED DATES GENERALLY IN FEBRUARY EACH YEAR; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE CITY OF MIAMI AND SAID ORGANIZATION FOR THIS PURPOSE. WHEREAS, the Department of Parks, Recreation and Public Facilities is responsible for the operation of the Orange Bowl Stadium and seeks to secure the presentation of various sporting and other events at said facility; and WHEREAS, Poiyspur.t, Inc. wishes to conduct the Caribbean Baseball World Series, an international sporting event, in said stadium on selected dates in February 1990, with the option to present the same event in 1991 and 1992 if successful to both parties; and WHEREAS, said events are popular sporting exhibitions which are expected to attract 10,000 attendees per series day; and WHEREAS, said Series will generally consist of 13 games over a seven day period each year.; and WHEREAS, the Director of the Department of Parks, Recreation and Public Facilities and the City Manager have determined that modifications to the standard use charges, terms and conditions as specified in the City Code are appropriate for said events and recommend approval of same; and { WHEREAS, Polyspor.t and the Administration of the City recommend that the fee for the use of the Stadium for. each Series be equal to a percentage of gross tickets sales receipts on a sliding scale basis as follows: 7.5% to the City if gross admission revenues exceed $1,000,000, 10% if over. $1,250,000, and 12% if over. $1,500,000; and CITY COMMISSION MEETING OF JA 5 169 WHEREAS, Polyspor,t will further guarantee a net profit of $40,000 to the City per Series each year from use fees, the ticket surcharge, food and beverage concessions and parking revenues; and WHEREAS, said organization will collect and pay to the City all applicable surcharges, will cover police expenses for each game and will receive 30% of City's food and beverage concession revenue; and WHEREAS, the Department of Parks, Recreation and Public Facilities has prepared an agreement for. the City Manager's signature which delineates the various charges, terms and conditions for said use, and which contains provision for subsequent negotiations for an additional three year contract beginning in February 1993; and WHEREAS, the modified charges, terms and conditions of the proposed use will not have adverse affect on the revenues of said facility but will assist in securing significant additional revenues to the City in the form of added stadium use fees, surcharge, parking and concession revenue; and WHEREAS, said Director and the City Manager have determined that such modifications are appropriate for this annual event; and WHEREAS, Section 53-131(C)(7) of the Code of the City of Miami, Florida, as amended, provides that the City Commission has the right to establish and fix special charges or special terms and conditions for the use of said stadium; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY y OF MIAMI, FLORIDA: j Section 1. The recitals contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. - 2 - Section 2. The special charges, terms and conditions as set forth in the attached agreement 1/ for use of the Orange Bowl Stadium by Polyspor.t, Inc. are hereby established for said organization's presentation of the Caribbean Baseball World Series on an annual basis for an approximate three year period beginning February 1990, on selected dates generally in February each year.. Section 3. The City Manager is hereby authorized to execute an agreement, in substantially the attached form, between the City of Miami and golyspor.ts, Inc. Section 4. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 25th day of January 1990. XAVIER L. SUARE 000*01 MAYOR '�' .j-'.�� � .. , • • .tom UANDRO VLLARE'LLO IEF ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: JANDEZ T0 YORN d` I .s 1� The herein authorization is futher subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter. and Code Provisions. CITY OF MIRMI, FLORIDA THIS AGREEMENT made and entered into this — day of , 1990, by and between the CITY OF MIAMI, Municipal corporation of the State of Florida, hereinafter referred to as the 'CITY" and POLYSPORT, INC. a Delaware for profit corporation, 150 S.E. 2nd Avenue, Suite 1405, Miami, FL 33131, telephone (305) 371-5649, hereinafter referred to as the "USER". W I T N E S S E T Hs In consideration of the covenants and agreements hereinafter set forth, the City sloes hereby grant unto the USER the privilege of entry upon or into the Municipal facility of the City of Miami }mown as the ORANGE BOWL STADIUM, hereinafter referred to as the "FACILITY," the said facility to be entered upon or into for the purpose of presenting the 1990-92 Annual Caribbean Baseball 'World Series, hereinafter referred to as the "EVENT(S)." The EVENT shall be held once annually on available dates as determined by the Assistant Director of Public Facilities during the period commencing on or about February 5, and terminating on or about February 11 of each year during the agreement term. Set up may begin prior to each annual. EVENT on dates approved by the Assistant Director. Dismantle shall be immediately after the end of each annual EVENT. (Setup and dismantle time is normally free of charge unless unusually long periods of time are required.) The above periods, including setup and dismantle times, shall hereinafter be referred to as the annual "USE PERIOD(S)." The term of this agreement shall be for an approximate three --year period, February 1, 1990 through February 15, 1992. Either party shall have the right to cancel this agreement after the conclusion of the February 1990 event. Dismantle time shall be immediately after the end of the EVENT. The parties shall have the option of renewal for an additional three year period from February 1, 1993 to February 15, 1995. Upon the exercise of this option, the terms of this agreement shall be renegotiated. USER shall mean licensee. PRF #90-004/P Ll T11E USCR HEREBY COVENANTS AND AGREES: F -1 1. USER guarantees the CITY a minimum profit (for the purpose of this agreement, "profit" shall be defined as the sum of CITY use fee, ticket surcharge, concession, and parking revenues, less CITY expenses) of $40,000.00 for each annual EVENT, regardless of the number of games actually played during each annual USE PERIOD. In the event that CITY profit upon the conclusion of each annual EVENT does not equal $40,000.00, USER shall immediately remit to CITY the difference between actual CITY profit and the $40,000.00 guarantee. 2. To pay the CITY for each annual EVENT on the following basis: Twenty Thousand Dollars ($20,000.00) non-refundable deposit ($10,000.00 to be paid on or before January 15, 1990 and $10,000.00 to be paid on or before February 2, 1990) for the 1990 EVENT and Twenty Thousand Dollars ($20,000.00) deposit no later than 90 days prior to each subsequent EVENT. If gross ticket revenues are between 1 and 1.25 Million Dollars, the CITY will receive a use fee equal to 7.5% of total gross ticket revenue, plus 6% State of Florida use tax. If gross ticket revenues are between 1.25 and 1.5 Million Dollars, the CITY will receive a use fee equal to 10% of total gross ticket revenue, plus 6% State of Florida use tax. If gross ticket revenues are greater than 1.5 Million Dollars, the CITY will receive a use fee equal to 12% of total gross ticket revenue, plus 6% State of Florida use tax. The percentage portion of the use fee shall be paid at the conclusion of each EVENT, if applicable. 3. USER warrants that the average ticket price sold, less 6% State of Florida Use Tax and CITY ticket surcharge, will be no less than $8.01. The total gross ticket revenue will be calculated by CITY as follows: total paid attendance multiplied by $8.01 or the sum of paid attendance for each ticket price multiplied by that individual ticket price exclusive of State Use Tax and CITY surcharge, whichever is greater. This amount will be used to determine the use fee in accordance with Paragraph 2 of this Agreement. 4. Based upon an actual admission price, excluding taxes, USER shall levy and collect on behalf of the CITY, a ticket surcharge on each paid. admission. The amount of the surcharge shall be on the admission price as follows, unless otherwise amended by City Ordinance during the term of this agreement. Price of Admission $1.00 to $5.00 $5.01 to $15.00 $15.01 and over Surcharge $0.50 $0.75 $1.00 Each printed ticket shall be itemized to show the admission price, applicable taxes, any service charge from outside ticket agencies, and the CITY's ticket surcharge. USER shall record collection of the surcharge and shall list such revenue as a separate item in the statement of accounts for the event. Ticket surcharge revenue shall be paid to the CITY upon demand, and/or as soon as possible after the conclusion of the event, in accordance with the City Code provisions and the terms of this Agreement. 5. To pay the CITY, on demand, such sum or suns as may be due to said CITY for additional services, accommodations, or material furnished to said USER upon USER's written request for such services. 6. That the USER shall pay to the City of Miami the cost of any repair, rehabilitation, or damage correction of the premises, or to defray any other unusual but reasonable expense borne by the CITY as a consequence of presentation of the EVENT. USER will not be responsible for ordinary wear and tear, and is exempt from those items listed in Paragraph 18. 7. That all advanced sums or advanced payment for services shall be forfeited if, through the fault or action of the USER, the EVENT *a not held on the dates and times contracted. 8. The CITY reserves the right to enter upon the premises at any time during the USE PERIOD as it deems necessary. 9. The CITY reserves the right to remove from the premises all USER effects brought into the premises by the USER and .remaining in or on the ground of the FACILITY after the end of the USE PERIOD, at the expense of the USER; or to charge storage at the rate of $1,000.00 per day for each day or part of a day that said effects remain in or on the grounds of the FACILITY after the end of the USE PERIOD. For purposes of this provision, "dismantle time" shall be considered to be a part of the USE PERIOD. 10. To provide a diagram of the proposed event layout to the office of Fire Prevention, 275 N.W. 2nd Street, Miami, Florida and obtain fire permits required by Section 14-516 of the code of the City of Miami, relative to fire safety. Fire Department manpower requirements to be determined by the Fire Marshal. 11. That any matters not herein expressly provider] for, but consented to by the USER, shall be in the discretion of the City Manager or his designated representative. 12. That USER has read the "Rules and Regulations for Use of City of Miami Municipal Facilities" which are attached to the "Application for Use of City of Miami Municipal Facilities", that lie or she fully understands said Rules and Regulations, and that by the execution of this Agreement he certifies that• he will abide by each and every rule and regulation set out therein without the need to have said Rules and Regulations repeated in this Agreement. 13. The USER shall defend indemnify and save harmless forever the CITY, and all the CI.TY's officers, agents and employees, including all police officers and staff specified in this Agreement, from all charges or claims resulting in any personal injury, loss of life, or damage to property, from any act, omission or neglect, by himself or his employees; the USER shall further indemnify CITY as to all costs, attorney's fees, expenses and liabilities incurred in the defense of any such claims and the investigation thereof. 14. That USER agrees that there shall be no discrimination as to race, sex, color, handicap, creed or national origin in connection with any operation under this Agreement. 15. CITY shall not be liable for any loss, injury or damage to any personal property or equipment of the USER or anyone whomsoever, during any times the FACILITY' is under the control of and occupied by the USER. All personal property placed or moved in the FACILITY shall be at the risk of USER or the owner thereof. Furthermore, it is the responsibility of the USER to provide non -police security whenever personal property either owned or used by the USER or his licensees is placed in the FACILITY during the term of this Agreement including setup and dismantle times and, in particular, during those hours the FACILITY is not open to the general public. 16. USER agrees that banners for advertisement shall meet all requirements of the Zoning Ordinance of the City of Miami. Advertisement rights shall be further limited by contracts in force at the time of the signing of this document. 17. USER shall obtain all permits required for fireworks, parachuting into the Orange Bow]., and any other special effects undertaken by USER. THE CITY HEREBY COVENANTS AND AGREES 18. CITY will pay the following expenses: stadium personnel, groundskeeping expenses, Fire Department expenses, elevator operators, cleanup, electricity including field lighting, outfield fencing, scoreboard and necessary baseball field equipment as specified below, ticket takers, ushers, restroom and other necessary supplies. CITY will also make available netting behind home plate, batting cages, backstop, bases, and all other necessary baseball equipment that is available from other CITY facilities, and nothing else. CITY and USER shall jointly approve the selection of those service providers that are contracted to outside entities, excluding service providers already under contract with the CITY. THE PARTIES HEREBY MUTUALLY COVENANT AND AGREE: 19. That the following additional provisions shall be adhered to: a. At least ten (10) days prior to each annual EVENT, insurance coverage is to be provided by USER and is to be cleared through the City of Miami, Law Department, located at 1 S.E. 3rd Avenue, Miami, F1. telephone (305) 579-6700. The policy must be endorsed to name the CITY as an additional insured, and the CITY is to be provided with a copy of the policy and a certificate of same. No qualification of the additional insured provision is permitted. The company must be acceptable to the CITY. b. All parking revenue belongs to the CITY. The CITY shall provide its normal and customary event parking facilities for public parking and will provide adequate personnel to man such parking facilities at its own cost and expense. Attendees will be charged $4.00 per car and $10.00 per bus, recreational vehicle, or van (15+ capacity). USER shall be given 250 parking passes for sponsors and press by CITY for each game during each EVENT. C. USER may set up corporate tents in the Orange Bowl Stadium parking lots for entertainment purposes prior to and/or after the EVENT, but not while the EVENT is in progress. USER agrees to pay CITY the appropriate fee for the space used ($4.00 per parking space). d. The Director of Parks, Recreation and Public Facilities, after full discussion of the the type of EVENT with the USER, will contact the City of Miami Police Department for sufficient security prior to, during and after each EVENT. USER to pay City Police after each EVENT day. - 4 - e. USER agrees to include in all advertising for EVENT in the FACILITY that bottles and cans cannot be brought into the FACILITY. In addition, no food and/or beverages may be brought into the FACILITY. f. Ticket manifest is to be presented to the Director of. Parks, Recreation and Public Facilities no later than ten (10) days prior to each annual EVENT. g. USER agrees to tear down immediately after each EVENT has ended. h. USER agrees to restrict all vehicles from grass; any exception must be granted by the grounds and turf manager. i. Gates are to open at least 2 hours prior to each game time. All advertising shall indicate gate opening time. The CITY reserves the right to open gates or adjust date opening time as it deems appropriate based on crown control and conditions. j. USER shall provide the Director, of Parks, Recreation and Public Facilities, with two hundred fifty (250) promotional tickets for each game or in any combination for a cumulative total of 3,250 during each annual EVENT for the purpose of promoting the facility for future events. CITY shall permit USER to use up to five hundred (500) tickets for each game or in any combination for a cumulative total of 6,500 during each EVENT for complimentary purposes. All complimentary tickets issued in excess of 6,500 shall have a value equal to the ticket price offered to the public and shall be included in the calculation to determine gross ticket salts as described in Paragraph 1 of this Agreement. All Complimentary tickets must be printed as "COMPLIMENTARY TICKETS". USER agrees not to put tickets on sale until this Agreement has been signed, sealed and returned to the City of Miami Parks, Recreation and Public Facilities Department. k. USER ?hall provide, at its expense, all game umpires, ice, towels, soap, soft drinks, etc..., for gamefield, lockerroom, and umpire's room use. 20. The following audit rights shall apply for purposes of this agreement: a. CITY reserves the right to audit the records of USER at any time during the performance of this agreement and for a period of three years after the final payment is made under this agreement. b. If so required by CITY, USER shall submit to the Department of Parks, Recreation, and Public Facilities an independent audit, by a certified public accountant. Said audit must include the expression of an opinion as to the actual and budgeted receipts and expenditures of the funds for said EVENT(S). Said audits shall be submitted to the department no later sixty (60) days after receipt of CITY's request. c. At CITY's request, USER shall furnish a copy of its most recent Federal Income Tax return. 21. The CITY is entitled to all food and beverage concession revenues. The USER agrees that no food or beverages will be sold on the Orange Bowl Stadium grounds except by the CITY's concessionaire. CITY will rebate the USER 30% of CITY's portion of food and beverage concession revenue. This amount will be included in CITY's expenses in order to compute CITY's profit. 22. USER shall have the right to sell programs, novelties, and other items depicting this event and/or performers, limited to T-shirts, buttons, hats, other apparel, records, tapes, photographs and posters. Such sale items are subject to the approval of the Assistant Director of Public Facilities. 23. if, in an emergency situation, in the opinion of the police event commander, stadium security is insufficient for crowd control, he may summon officers in sufficient numbers to effectively control the situation. The USER will assume the responsibility of paying for the services of these additional officers who may be on duty at their normal hourly rate or off duty at time and one-half pay. If additional officers are off duty, they will receive a minimum of four hours compensation or the actual time devoted to the problem including time spent completing reports, booking prisoners, etc., whichever is greater. 24. The Director of Parks, Recreation and Public Facilities, at his sole option and discretion shall be entitled to demand payment for the CITY for the above items at the time of the closing of the ticket gates for the event. Such monies that are on hand or held at all remote ticket outlets shall be described as "on premises gate receipts" and shall be available for payment to the City of Miami to satisfy such sums owed the CITY for rental, additional services, accommodations, material furnished, cost of any repair, rehabilitation, damage correction replacement or restoration of the premises borne by the CITY as a consequence of presentation of the EVENT. The Director of Parks, Recreation and Public Facilities shall, at his option, be entitled to collect such sums of money owed. 25. All terms and conditions of this written Agreement shall be binding upon the parties, their heirs and assigns, and cannot be varied or waived by any oral representation or promise of any agent or other person of the parties here- to, unless the same be in writing and mutually signed by the duly authorized agent or agents executing this Agreement. 26. That the parties intend that this document shall be a License Agreement and that no leasehold interest is conferred upon the USER. 27. If it becomes necessary for the CITY to institute proceedings to collect any monies due it by USER, USER agrees to pay any and all reasonable attorney's fees and costs expended in the collection thereof. 28. This instrument and its attachments constitute the sole and only Agreement of the parties hereto relating to said Agreement, and correctly set forth the rights, duties and obligations of each other as of its date. Any prior agreement, promises, negotiations, or representations not expressly set forth in this Agreement are of no force or effect. 29. No amendments to this Agreement shall be binding on either party unless in writing and signed by both parties. 30. This Agreement may not be transferred or aosigned by USER without the express written consent of the City Manager. U IN WITNESS WHEREOF, the parties hereto have individually and through their proper corporate officials executed this Agreement the day and year first above written. Cali y Clerk Attest: Corporate Secretary APPROVED AS TO INSURANCE: Insurance Manager Y APPROVED AS TO DEPARTMENTAL REOU I REMENTS : Albert Ruder, ire�tor ('Parks, Recreation and Public Facilities ,r - 7 - THE CITY OF MIAMI, FLORIDA, a municipal corporation of the State of Florida BY Cesar H. Odlo City Manager USER: POLYSPORT, INC., a Delaware for profit corporation Print Name r T t le (SEAL) APPROVED AS TO FORM AND CORRECTNESS: Cites y Attorney Jorge L. Fernandez CORPORATE RESOLUTION WHEREAS, the Board of Directors of POLYSPORT, INC., desires to enter into an agreement with the City of Miami for use of the ORANGE BOWL STADIUM; and WHEREAS, the Board of Directors of POLYSPORT, INC., has examined terms, conditions and obligations of the proposed Agreement with the City of Miami for use of the ORANGE BOWL STADIUM, WHEREAS, the Board of Directors at a duly held corporate meeting has considered the matter in accordance with the By -Laws of the corporation; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS of POLYSPORT, INC., that the President( ) or Vice-president( ) or Secretary( ) (please check one) is hereby authorized and instructed to enter into a contract in the name of and on behalf of this corporation with the City of Miami for the use of the ORANGE BOWL STADIUM; in accordance with the contract documents furnished by the City of Miami, and for the price and upon the terms and payments contained in the proposed contract submitted by the City of Miami. IN WITNESS WHEREOF, this_^_______ --day of 198 CHAIRMAN, Board of Directors By _ ignatur Print or Type Dame Attest: (SEAL) Corporate Secretary Signature " Print or Type Naine EXHIBIT 1 CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM CA-4 TO: honorable Mayor. and Members DATE JAN 1 91990 FILE . of the City Commission Ie SIBJECT Resolution Establishing Fees for. Caribbean Baseball World Series Games at Orange Bowl FROM Cesar H. ©d REfEHCWCFS City Manager. ENrt05104ES Background t is respectfully recommended that the City Commission adopt the attached Resolution establishing special charges, terms and conditions for the use of the Orange Bowl Stadium by Polysports, Inc. for the presentation of the Caribbean Baseball World Series on selected dates, generally in February, for a three-year. period (1990, 1991 and 1992). The legislation would also authorize the City Manager to execute an agreement with this organization for this purpose. Recommendation The Department of Parks, Recreation and Public Facilities, with the Law Department and City Manager's office, has been working with Polyspor.ts, Inc. to complete arrangements for the presentation of the annual Caribbean Baseball World Series games at the Orange Bowl Stadium. This organization wishes to present the Series beginning in February 1990, and, if successful to both parties, the Series would again be presented in 1991 and 1992. Each Series consists of approximately thirteen games over a aeven clay period, and attendance is estimated at 10,000 per. day. The Administration has determined that modifications to the standard use charges, terms and conditions as specified in the City Code are appropriate for these events and has prepared an agreement with Polysport which delineates the various revisod charges, terms and conditions for said use. Under the terms of the Agreement, the City will receive a use fee equal to a percentage of gross ticket sales revenues on a sliding scale basis: 7.5% for revenue over $1,000,000, 10% over $1,250,000 or 12% over. $1, 500, 000. Polysport will. also collect and pay to the City all applicable surcharges, will cover police expenses for each game and will receive 30% of Ci.ty's food and beverage concession revenue. Polysport will farther guarantee the City a net profit (gross revenues less all City expenses) of $40,000 for each annual event from use fees, the ticket surcharge, food and beverage concessions and parking revenues. There is an additional provision for these terms to be renegotiated for a subsequent three year period to start in 1993, with Commission approval. C#4IAy_ Honorable Mayor. and Members of the City Commission Resolution Establishing Fees for. Caribbean Baseball World Series Games at Orange Bowl page Z �s { Based upon the agreement terms and past experience with sporting # events of this caliber, we anticipate that net revenue to the r City will average over. $105,000 per annual Series based on daily attendance of 10,000, as shown in the table attached. It should be noted that under the terms and conditions of this negotiated agreement, the City is required to provide certain additional services and equipment that are not normally provided to Orange Bowl Stadium users. These are: outfield and baseline fencing, personnel services including ticket talkers, ticket F sellers and ushers, and a baseball scoreboard. Recent estimated x costs for the fencing is $15,000 and $30,000 for the personnel i services. Because sufficient time does not exist for public 3 advertisement and receipt of sealed bids, these items will be procured on an emergency basis using informal bid procedures. This emergency finding and the action of the City Manager in awarding bids will be presented to the Commission for. — S f i ratification at the earliest available Commission meeting date. ff AM s � y 1 i3 - pFE i iM a �5 {LLI y9 Y i� l�y 69 Revenue/Expense Estimates Caribbean World Series February 5-11, 1990 Number of Event Days : 7 Average Ticket Prices $8.00 Use Fee: % of ticket sales after $1,000.000 (see agreement) $40,000 PROFIT GUARANTEED Surcharges Event days x daily attendance x applicable rate CITY Concession Revenue: 42.11 Concession Sales Concession Rebate: 30% of errY concession Revenue Attendance (daily) 51000 10,000 15,000 Mote: Figures below based on 7-day attendance Revenues Use Fee Surcharge ($0.75) Parking $4.00 3,000 spaces Concessions $3.80/cap Total Revenues Expenses Stadium Personnel Lights Cleanup Trash Disposal Fire Department Wall/Fence Scoreboard Ticket Takers/Ushers Parking Personnel Concession Rebate Total Expenses $ O 26.250 56,000* 55,993 $ 0 52,500 84,000 111,986 $ 0 78,756 84,000 167,979 20,000 $ 84,105 1058000 84,000 223,972 13 , 24 3 49 , 3-59M 1407,, $ 13,045 14,000 7,147 1,120 7,000 25,000 3,000 15,000 14,000 16, 798 $ 13,045 14.000 12.047 1,120 7.000 25,000 3,000 15,000 14,000 33,596 $ 13,045 14,000 16,247 2,240 7,000 25.000 3,000 15,000 14,000 50,394 $ 13,845 14.000 16.247 2,240 7, 900 2 5,1990 3,800 15,000 14, ®00 67,192 Net Revenues $ 22,133 $105, 358 $178, 8 3 MCI" Guarantee Balance 17,867 -0-- -- -v- 40, 000 Parking revenue based on estimated 2,000 spaces 9