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No. 1101 approving an agreement among the SBRA, SBRC and the St. Joseph County Airport Authority for the operation and management of Blackthorn Golf Course and authorizing the execution thereof
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No. 1101 approving an agreement among the SBRA, SBRC and the St. Joseph County Airport Authority for the operation and management of Blackthorn Golf Course and authorizing the execution thereof
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(c) Revenues, Expenses and Surpluses from the Operation of <br />Blackthorn <br />(i) Redevelopment and Airport agree that the flow of <br />funds concerning the operation and maintenance of Blackthorn is <br />ce generally described at Attachments "B," "C," and "D," hereto, <br />which is made a part hereof. <br />(ii) The operation and management of Blackthorn, and <br />Blackthorn Expenses, shall be funded from the Blackthorn Revenue. <br />(iii) Blackthorn shall operate on a fiscal year <br />commencing and ending — . The annual operating <br />budget for Blackthorn shall be approved o or before such time as <br />provided by law. Prior to submission to and approval of the <br />budget, Redevelopment shall submit the proposed annual operating <br />budget to the Joint Committee for its review and recommendation. <br />(iv) Redevelopment shall provide [periodic] cash flow <br />statements to the Joint Board and Airport. <br />(v) Within days of the end of the fiscal <br />year, Redevelopment shall provide to the Joint Committee and <br />Airport, an audit showing all revenue and expenses for Blackthorn <br />for the fiscal year, and identifying any Surplus. <br />(vi) Within thirty (30) days of the approval by the <br />co Joint Committee of the annual Blackthorn audit, Redevelopment <br />shall deliver to Airport payment of one -half (1/2) of the <br />Surplus. <br />(d) Airport reserves the right to review the books and <br />records of the Blackthorn operation at any time upon reasonable <br />notice and in a reasonable manner. <br />(e) Redevelopment and Airport agree that Airport shall not <br />have any financial responsibility whatsoever concerning the <br />management or operation of Blackthorn. This shall include but not be <br />limited to any responsibility for any net operating loss, deficits in <br />operation of Blackthorn or any other financial risk associated with <br />or related to the operation of Blackthorn. <br />(f) Redevelopment does hereby agree to indemnify and hold <br />Airport harmless as to any liability, claim, demand, loss, damage or <br />action of any kind or nature whatsoever relative to the operation <br />and /or management of Blackthorn. <br />12. NOTICES <br />All notices, elections, requests and other communications <br />hereunder shall be in writing and shall be deemed sufficiently given <br />when personally delivered or when deposited in`the United States <br />mail, postage prepaid, certified or registered, or when delivered to <br />a nationally recognized overnight courier service with guaranteed <br />next business day delivery and addressed as follows (or to such other <br />-12- <br />
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