Travis County Commssioners Court
March 11, 2003
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Item 19
19, consider second modification of exposition center sublease for star of Texas fair and rodeo and take appropriate action.
>> we have had or Travis County has had an agreement with the star of Texas fair and rodeo since 1989. That agreement is in effect until 2033. For about a month every year, they hold the -- their fair and rodeo at the Travis County exposition center. In the past, they have paid us approximately 25,000 plus 5% of their gross receipts. If you look on page 2 of the backup memorandum, you have the information on the revenue history is that we have received from the star of Texas fair and rodeo. Last year -- a couple of years ago, and I want to comment that I have been working with my expo center subcommittee made up of judge Biscoe and commissioner Davis, and they have reviewed the material before you and have also agreed and were part of the negotiation with the star of Texas rodeo. As I said, for the past several years, they have paid us about 25,000 for the 30 days, plus 5% of their concessions revenue. We had agreed with the star of Texas rodeo to double that amount from 25 to 50,000 continuing 5% of their concessions when we got our hvac system into the exposition center. This was completed last summer, so this amendment brings the amount that they will pay for the rent from 25 to 50,000. It has been signed by the star of Texas rodeo, and we would ask your approval. There's one other thing that I was remiss in mentioning, and it's on page 3 of your memorandum, that the agreement also not only provides for the increase from 25,000 to 50,000, but it also has a clause to follow the consumer price index cumulatively for the end of the next five years. So that there is an agreement to increase every -- every year, but at the end of the five years to look at the consumer price index as a guide for the increase to the star of Texas rodeo. They are a non-profit organization that provides scholarships for education for school children. So -- and we've had that relationship with them, a partnership really, for a very long time.
>> so the 25,000 goes to 50,000 and the 5% stays in effect.
>> yes, sir.
>> move approval.
>> second. Any more discussion? Questions? Good deal for us. Right?
>> yes.
>> all in favor? That passes by unanimous vote. Thank you very much.
Last Modified: Wednesday, April 2, 2003 10:25 AM