HomeMy WebLinkAbout1996-05-29 96-244 ORDERCOUNCIL ACTION
Date: 5-29-96 Item No 96-244
Itek/Bubject: ORDER, Authorising an Adjusted Division in the
Operation Profits of Sawyer Arena Between the City
of Bangor and Bangor Youth Hockey
Responsible Department: Parke and Recreation
C®entaay: The City of Bangor leases certain property in Hayford Park
to Bangor Youth Hockey. Under a second agreement, the City manages
Saner Arena for Youth Hockey. Copies of these agreements were included
In last week's Municipal Operations Committee agenda.
We have recently been approached by Youth Hockey which has requested our
assistance. Under the existing management agreement, the City and
Bangor Youth Hockey split any profits generated by Sawyer Arena o
50/50 basis. Youth Hockey estimates this year's profit to be $25,000,
r $12,500 each. Per the attached letter, Byron Hale, Bangor Youth
Hockey's President, has requested that the City provide an additional
$7,500 to allow BYH to make a principal payment on an outstanding
$172,804 loan. This loan was taken to buy anew
compressor and ice act
e
system in 1994. These purchases xnecessary
caryto continue the
operation of Sawyer Arena. i have asked the Finance Department to
review these financial projections for sawyer Arena for the year, and
this information isalso attached. Through the end of April, the
current year's net profit (October, 1995 through April, 1996) i
$60,935.52. While some additional expenses will still be incurred for
May and June, we believe that the final figures may be somewhat higher
than those anticipated by Bangor Youth Hockey.
The attached order would authorize the payment to Bangor Youth Hockey of
$20,000 representing the adjusted share of this year's proceeds. The
payment would be made in advance in light of the immediacy of the need
to make the payment. Should net proceeds fall below $201000, Youth
Hockey will be asked to refund the difference. pk a�QQ n ,/:9::
C,YW Llai -fl AQ
DEPARIVIENT
Manager's Coments:
This has been reviewed by the Finance Committee which recommends
your approval.
Order, Sawyer Arena Accounting, Letter from Byron Hale
Budget Approval:
Legal Approval:
ni rr
—Introduced, FOL
-passage
First Reading Pegm_oP
96-244
Aeogned to Cows moo' flauchotte May 29, 1996
CITY OF BANGOR
(TMEJ b1rDCT ... Authorizing Adjusted Division in the
o............. .......... __...
Operating Profits of Sawyer Arena Between the City of Bangor and
Bangor Youth Hockey
By IU City Cmsstl of dw City ofBanpor:
ORDERED,
THAT the Finance Director is authorized to pay Bangor
Youth Hockey $20,000, in advance, representing their adjusted
share of this year's net proceeds from the operation of Sawyer
Arena. Should net proceeds fall below $20,000, Bangor Youth
Hockey shall reimhurse the City for the difference between the
final net proceeds and this payment.
IR CITY COUNCIL
May 29, 1996
Passed
CITY CLB
96-244
ORDER
Title, Authorizing an Adjusted Division
In the Operating Profits of Sawyer Areas
Between the City of Bangor and Bangor
Y.au[h .....Ib..ckfly........... 4...................
dto
Councilman
96-244 `
Bangor Youth Hockey P. O. Box 1052 Bangor Maine 04402
May 13, 1996
Mn Edward Barrett
City Manager
City of Bangor
73 Harlow Sheet
Bangor, Maine 04401
Dear: Ed.
The "Facility Mamormarace aM Management Agreement' between Bangor Youth Hockey and
the City of Bangor divides the profits of the Arena equally between BYH and THE CITY.
In the Fall of 1994,BYH borrowed $172,804.00 to buy a NEW COMPRESSOR and ICE MAT
SYSTEM for installation at SAWYER ARENA. The first PRINCIPAL payment of$20,000.00
was due April 30, 1996. Anticipated PROFIT from ARENA operations for the "AGREEMENT"
period October 1, 1995 through bene 30, 1996 is approximately $25,000.00. The 50150 split
would acc re $12,500.00 to the benefit ofBYH. BYH would use this $12,500.00 toward the
PRINCIPAL paymeat on our loan and this would give us a short fall of ($7,500.00).
Bangor Youth Hockey requests that the City of Bangor Finance Committee approve and
recommend for full City Council approval, that the "Agreement" for October 1, 1995 through
Ione 1996 be ammended to allocate $20,000.00 of the anticipated ARENA profit to the benefit
of BANGOR YOUTH HOCKEY and allocate the balance to THE CITY. Bangor Youth Hockey
would use this $20,000.00 to pay the Loan PRINCIPAL payment.
Sincerely,
Byron L. Hale, President
BANGOR YOUTH HOCKEY
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