15 - Laserfiche WebLink

beverage sales and Pro Shop merchandise sales("the Base Performance Standard for Merchandise and Food/Beverage") is met or exceeded: Contract Year beginning July 1, 2015 $950,000 Contract Year beginning July 1, 2016 $975,000 Contract Year beginning July 1,20171 $1,000,000 Contract Year beginning July 1, 2018 $1,025,000 Contract Year beginning July 1, 2019 $1,050,000 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. 4. TECHNOLOGY. Commencing on and effective as of July 1, 2015, Section 4.03 of the Operator Agreement shall be amended and restated in their entirety as follows: 4.03.1 Data and Communication Systems. CITY shall procure and maintain network equipment, telephones, wiring, computers, software and necessary and appropriate to implement an automated starter, point-of-sale and other systems that will enable OPERATOR to provide CITY with attendance, sales and accounting records and satisfy CITY's requirements for internal controls. OPERATOR shall abide by CITY's Computer Technology Equipment policy. 5. PRICES AND FEES. Commencing on and effective as of July 1, 2015, Section 5.11.3 of the Operator Agreement shall be added as follows: 5.11.3 Tournament, Banquet and Event Fees. OPERATOR is hereby responsible for establishing tournament, banquet and event fees. The fee schedule shall be provided to the Director with the Annual Plan. The prices shall be fair and reasonable and that the margin of profit should be reasonable considering the cost of the services to be provided. Prices charged should be Page 3 of 5