To: The Honorable Mayor and Board of Commissioners From: Michael Jaycocks Subject: Carolina Rapids Agreement for Barry Park
This First Amendment to the Carolina Rapids Agreement for Barry Park will extend the originial 10 year agreement for an additional 10 years that would end on August 3, 2028. The Carolina Rapids will be required to pay a min. of $535,000 over this ten year agreement. The Rapids will pay $310,000 for field usage at Barry Park over the ten years. If the town's field usage rates change during the term of this First Amendment and the new rate times the field usage is more than $31,000.00, the Rapids shall pay the higher amount to the Town. Additionally, the Rapids shall pay the Town a total of $225,000.00, as a Capital Reserve Fee for Barry Park. This fee will be paid in the amount of $20,000.00, annually, for years one through five (1-5), and then $25,000.00, annually, for years six through ten (6-10). Payments shall be made on September 1st of each and every year beginning September 1, 2018, and the last payment shall be made on September 1, 2027. The Capital Reserve Fee will go into a new Capital Reserve Fund for Barry Park.
The Parks and Recreation Committee approved this recommendation at its June 15, 2016 meeting.
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