|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 12, 2013|
Agenda Item #18
Amendment to Interlocal Agreement with City of Bradenton regarding Pittsburgh Pirates Spring Training Facility Project
Contact and/or Presenter Information
Dan M. Schlandt, Deputy County Administrator, x 3732
Approval and authorization for Ed Hunzeker, County Administrator, to execute an amendment and supplement to an interlocal agreement with the City of Bradenton regarding Pittsburgh Pirates Spring Training Facility.
Code of Laws Sec. 2-29-21 Tourist Development Taxes
Comp Plan 7.3.3 Promotion of Cultural Resources
F.S.S. 125.0104 Authorized Uses of Resort Tax Funds
On February 7, 2012 the Board entered into an agreement with the City of Bradenton with respect to joint participation in the funding of the reconstruction and renovation of McKechnie Field.
The County agreed to reimburse the City up to $400,000 per year for 20 years from tourist development tax funds to be used for paying debt service on the Project Bonds issued by the City.
Manatee County had previously been providing a percentage of tourist tax revenues to the City of Bradenton for bonds issued by the City for previous improvements to the Pirates facilities. For fiscal year 2011-12 that amount was $289,237.
The new agreement provided that going forward the County would no longer be responsible for any payments on the old bonds and would just make payments toward the new bonds.
At the time we entered into the agreement, the final structure on how the old bonds would be paid off and the debt service payments for the bonds would be paid had not yet been determined.
This amendment to the agreement would provide that in this first transition year of the agreement (fiscal year 2011-12) that the county will pay $265,860.67 for debt payments on the old bonds and $100,741.67 for the initial debt service payment on the new bonds for a total for last year of $366,602.34. This amount is actually about $33,000 less than the anticipated amount of $400,000 to be paid by the county for last fiscal year.
The amendment is consistent with the intent of both parties in developing this agreement. This amendment only modifies the payment provisions for the first year of the agreement. The existing provisions in the agreement limiting the payments by the County to the City to the amount of $400,000 and that they be used only towards debt service on the bonds related to the new project would apply for all the remaining years of the agreement.
One other minor administrative change amends the date for an agreement required in the interlocal agreement between Manatee County and the Pittsburgh Pirates franchise to a later date. That agreement is also on the consent agenda for this Board Meeting.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
William Clague prepared the amendment to the agreement.
Instructions to Board Records
Return signed originals to Dan Schlandt, Deputy County Administrator, for forwarding to the City of Bradenton.
One original will be returned to Board Records upon receipt from the City.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Pirates ILA Amendment final.pdf