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merchandise sales and lesson fees (the "Base Performance Standard for Golf') is met or exceeded: First Contract Year 3,100,000 Second Contract Year 3,150,000 Third Contract Year 3,200,000 Fourth Contract Year 3,250,000 Fifth Contract Year 3,300,000, 8.04.3 Base Performance Standard for Merchandise and Food/Beverage. CITY shall pay OPERATOR that portion of the Incentive Management Fee described in Section 8.04.1(b) if the following base performance standard for revenue generated from food and beverage sales and Pro Shop merchandise sales( "the Base Performance Standard for Merchandise and Food/Beverage") is met or exceeded: First Contract Year 850,000 Second Contract Year 875,000 Third Contract Year 900,000 Fourth Contract Year 925,000 Fifth Contract Year 950,000 8.04.4 Payment. The amount of Incentive Management Fee earned in a month will be determined by comparing actual monthly revenues to the Base Performance Standard for Golf and the Base Performance Standard for Merchandise and Food/Beverage, with each month's Base Performance Standard factored by a mutually agreed upon percentage of the year. The Incentive Management Fee is to be calculated on a monthly basis and paid on a quarterly basis. Any adjustment to the annual Incentive Management Fee will be accounted for in the last month of the operating year. 8.04.5 Correction to Gross Revenues and Incentive Management Fee. If an inspection or audit pursuant to Article 10.0 results in a correction of the amount of Gross Revenues: a) CITY shall pay OPERATOR any additional Incentive Management Fee amount pursuant to Section 8.04 within thirty (30) days of receipt of notice of the correction, if the amount of Gross Revenues, or if the revenue from food/beverage sales and Pro Shop merchandise sales has been adjusted upward; or b) OPERATOR shall refund to CITY the amount of any overpayment of the Incentive Management Fee pursuant to Section 8.04 within thirty (30) days of receipt of notice of the correction, if the amount of Gross Revenues, or if the revenue from food/beverage sales and Pro Shop merchandise sales has been adjusted downward. 8.05 Project Management. If the CITY determines it is in its best interest to have the OPERATOR provide project management of capital improvements, a management fee shall be negotiated between the parties, provided that the ceiling of such fee shall be 15% or less, based on the size and complexity of the project. 33