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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />9-16-11 <br />Council Date: <br />Finance <br />Gene Anderson <br />Zp, <br />9-26-11 <br />RECOMMENDED MOTION: <br />Motion to approve a resolution authorizing a ten year agreement between the Red River Valley Fair <br />Association (RRVFA) and the Paris Rodeo & Horse Club (PRHC). <br />POLICY ISSUE(S): <br />Administration <br />BACKGROUND: The Red River `'alley Nair Association has historically subleased a portion of the <br />fairgYOUnds to the PaYis Rodeo and Horse Club for the PRHC annual rodco. The prexrious lease expired <br />Mav 1, 2011 and the five vear extension option was not exercised. Instead, the RRVFA is Yequesting City <br />Council approval of a ten (10) year sublease followed by fivc y ear extension option. The reason for this <br />request is that when the PRHC borrows monep for capital improvements at this location, the lending <br />institution will require a lease at least as long as the note term. Other than the extended term and a new <br />surne}' of the subleased premises, this lease agreeinent is identical to prexrious lEases. <br />BOARD/ COMMISSION RECOMMENDATION: <br />NONE <br />ExxisiTS: <br />Resolution; Sublease Agreement <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$ <br />❑ Department Report Z Resolution <br />Budgeted Amt. <br />$ <br />❑ Presentation ❑ Ordinance <br />yTD Actual <br />$ <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />Acct. Number <br />FISCAL NOTES: <br />None <br />REVIEWED AND APPROVED BY: <br />Z Administration ❑ City Clerk ❑ Community Development ❑ EMS/IT ❑ Finance ❑ Fire <br />❑ Municipal Court E Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities <br />City of Paris <br />Revised 2/04/08 <br />82 <br />