18-0116_BLENHEIM FACILITY MANAGEMENT_F1a_PowerPoint Presentation
F1A.
RIDING PARK
INTERIM MANAGEMENT
AGREEMENT
1/16/2018 City Council Meeting 1
1/16/2018 City Council Meeting
Riding Park
2
1/16/2018 City Council Meeting
Bond Refinancing
3
•February 7, 2017, Council authorized the
issuance of taxable bonds to pay off the
tax -exempt bonds
•First date pay off allowed: Aug 1, 2019
•Reissuance provided flexibility for the
long-term management agreement
1.Tax -exempt bonds cannot be paid off
until August 1, 2019
2.Bond counsel recommended that the
City and BFM enter into an Interim
Management Agreement (IMA) for the
period of January 1, 2018, through
August 1, 2019
3.Tax compliant
4.City assumes risk for costs exceeding
revenue
1/16/2018 City Council Meeting 4
Interim Management
Agreement Terms
5. 2018-2019 events calendar established
by public process
6.Projected annual revenue consistent
with previous years
7.Revenue funds maintenance of Eastern
Open Space
1/16/2018 City Council Meeting 5
Interim Management
Agreement Terms (Cont.)
1/16/2018 City Council Meeting
Recommended Action
6
1. Approve Interim Management
Agreement with Blenheim
Facility Management, LLC, AND
2. Appropriate $750,000 from the
revenues of the Eastern Open
Space Fund for the remainder of
Fiscal Year 2017-18.