File #: 22-0947    Version: 1 Name:
Type: Resolution Status: Passed
File created: 5/17/2022 In control: City Council
On agenda: 9/20/2022 Final action: 9/20/2022
Title: Resolution authorizing two management agreements for the American Bank Center, one with Global Spectrum, L.P. d/b/a OVG 360, for management of the facility, with an estimated annual base management fee of $144,000 adjustment annually and the possibility to earn additional incentive fees, and one with Ovation Food Services of Texas, LLC  for the management of the food and beverage services at the facility with an estimated annual management fee of $240,000 each for an initial term of five years, beginning October 1, 2022, with an option to renew for an additional five years.
Sponsors: City Manager's Office
Attachments: 1. Agenda Memo - Management Agmt w OVG for a period of 5 years - 9.20.22 - FINAL, 2. Resolution -OVG agreements, 3. Presentation - OVG360_AmericanBankCenter 09-20-2022, 4. Agreement - OVG Management of ABC Final, 5. Agreement - OVG Food and Beverage Final

Title
Resolution authorizing two management agreements for the American Bank Center, one with Global Spectrum, L.P. d/b/a OVG 360, for management of the facility, with an estimated annual base management fee of $144,000 adjustment annually and the possibility to earn additional incentive fees, and one with Ovation Food Services of Texas, LLC  for the management of the food and beverage services at the facility with an estimated annual management fee of $240,000 each for an initial term of five years, beginning October 1, 2022, with an option to renew for an additional five years.