Title
Resolution - A Resolution to Approve a Sports Facility Funding Agreement Between the City of Mansfield and the Mansfield Park Facilities Development Corporation (MPFDC) Regarding Lease Payments for Mansfield Fieldhouse, USA
Requested Action
Consider funding agreement
Recommendation
Approve funding agreement
Description/History
Fieldhouse, USA contacted the City to discuss the possibility of creating a public/private partnership for the construction and operation of a sports facility called Mansfield Fieldhouse, USA. During a Joint Work Session between City Council and the MPFDC on July 13, 2015, the MPFDC agreed to fund construction of the project and City Council agreed to allow the annual total rent payments received from Mansfield Fieldhouse to be deposited into the MPFDC ½ cent sales tax funds for repayment of the debt issued. Also, at this meeting it was discussed, if the Total Rent payment is not sufficient to support the debt service, the City agreed to make up any shortfall. This agreement also states that MPFDC agrees to reimburse the City for funds that have been expended prior to issuance of debt by the MPFDC for this project.
The MPFDC approved the development agreement and awarded the Construction Manager at- Risk contract to Pete Durant on August 6, 2015 and the City Council approved the development agreement and the CMR contract on August 10, 2015. The construction of the facility will be paid for by the MPFDC and will be built on City-owned land. The estimated cost of the project is $12 million and will be publicly bid through the Construction Manager at-Risk delivery method. The CMR will bid the project and present a Guaranteed Maximum Price for the construction costs at a future meeting for MPFDC and City Council. This facility will be a public facility and Mansfield Fieldhouse, LLC will operate the facility through a lease and operating agreement between the City and Mansfield Fieldhouse, LLC. The MPFDC approved this agreem...
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