Approving Agreement of Operations Hotel-Motel Tax Board Civic Center Board of Managers

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that 500 spaces are available adjacent to the site, and that when conven- tions are in progress, such spaces shall be made available for utilization by persons attending the conventions. All parking revenues at times when the facility is being used for conventions shall be treated as convention facility revenues only for the purpose of determining any loss which the Board of Managers may be responsible to pay. Said parking issue is con- tingent upon the successful prosecution of the necessary revisions to the South Bend Redevelopment Plan. The parties hereto agree to cooperate to obtain at least 140 additional parking spaces in the immediate vicinity of the convention facility for convention parking. SECTION 13. LOSSES In the event losses occur in the operation of the convention facility for any calendar year, and in the further event the Board of Managers have tax revenues for that year in excess of $225,000, and in the further event that any contingency fund cannot cover such loss, the Board of Managers shall pay such loss out of its tax revenues for that year which are in excess of $225,000, not to exceed, however, 2/3 of such excess for that year. it is further understood and agreed that the Board of Managers shall have no further responsibility for any loss of any kind whatsoever. SECTION 14. BOARD OF MANAGERS RESERVATION OF RIGHT TO DISCONTINUE ITS OBLIGATION TO PAY FOR LOSSES FROM OPERATIONS In the event the Century Center Board fails to comply with the provisions of Paragraph 11 hereinabove, and /or takes any action with respect to the matters specifically set forth in sub -parts "A" through "E" of Paragraph 8 hereinabove, (1) without receiving a recommendation from the joint committee described in Paragraph 8 or (2) contrary to the recommendation of such joint committee, then the Board of Managers, may furnish written notice to the Mayor of the City of South Bend of its in- tention to discontinue its obligation to pay losses as provided in Paragraph 13 hereinabove, as well as any other obligations of support to the con- vention facility or its operation, not specified herein, to which it has, or may hereafter commit itself out of Hotel -Motel Tax revenues. Such Notice shall be served upon the Mayor of the City of South Bend either per- sonally or by Certified Mail, return receipt requested, and shall inform the Mayor of the City of South Bend of the specific action or decision of the Century Center Board to which the Board of Managers takes exception and -5-