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HomeMy WebLinkAbout2012-10-22 12-344 ORDERCOUNCIL ACTION Item No. 12- 344 Date: October 22, 2012 Item/Subject: Order, Authorizing Execution of a Management Agreement with Global Spectrum, L.P. — Cross Insurance Center Responsible Department: Executive Commentary: If approved, this order will authorize the City Manager to execute a five year agreement with Global Spectrum L.P. for oversight and management of the Cross Insurance Center. In 2011, the City issued an RFQ for oversight and management of the new arena and convention center. The City received several responses and after a thorough vetting, recommended that the contract be awarded to Global Spectrum L.P. In the fall of 2011, the City entered into a one year agreement with Global Spectrum L.P. for pre opening and management services with the understanding that it would be replaced by a longer term agreement. As proposed, the management agreement includes, a provision for a term of five years; a management fee of $10,000 per month for the first year, with annual increases based on the CRI; an incentive fee based upon performance that does not exceed the management fee and a reduction in the management fee if certain standards are not met. Said Management Agreement shall be in final form as approved by the City Solicitor or Assistant City Solicitor. This item has been discussed with the Council at several workshops. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Department Head A"H 0); City Manager Page _of_ Finance Director City Solicitor Assigned to Councilor Hawes CITY OF BANGOR 12-344 OCTOBER 22, 2012 (TITLE.) ORDER, Authorizing Execution of a Management Agreement with Global Spectrum, L.P. — Cross Insurance Center BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT Catherine M. Conlow, City Manager, on behalf of the City of Bangor, is hereby authorized to execute a Management Agreement with Global Spectrum, L. P. for the management of Cross Insurance Center. Said Management Agreement shall include, among other terms and conditions, a provision for a term of five years; a management fee of $10,000 per month for the first year, with annual increases based on the CPI; an incentive fee based upon performance that does not exceed the management fee and a reduction in the management fee if certain standards are not met. Said Management Agreement shall be in final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL October 22, 2012 Motion made and seconded for Pasage a d CITY GURK