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$192,500 IN rent in year one...2 million in infrastructure improvements at no cost to town...
Release Date: November 26, 2007

The Greenburgh Town Board will be voting on an important resolution this Wednesday night that will be very helpful to taxpayers. The town will lease tennis facilities at AF Veteran park to Sporttime when our tennis courts are not in use. In return the town will receive substantial rent. During the first year the town will receive $192,500 in rent. The rent will keep escalating –by year 15 the town will be generating $230,000 in rent. 2 million in infrastructure improvements will be made to the tennis courts by Sporttime at no expense to the taxpayers. The resolution that the Town Board will be voting on details the improvements to the courts that will be made – at no expense to the taxpayers. In addition, Sportime will build (at their expense) a clubhouse that tennis users will be able to take advantage of.
PAUL FEINER

RESOLUTION AUTHORIZING THE TOWN BOARD
OF THE TOWN OF GREENBURGH TO ENTER INTO
AN AGREEMENT WITH ISLAND TENNIS, L.P. D/B/A SPORTIME TO LICENSE TENNIS FACILITIES LOCATED AT ANTHONY F. VETERAN PARK

WHEREAS, the Town of Greenburgh is the owner of a certain parcel of land in Town known as Anthony F. Veteran Park; and

WHEREAS, the Town wishes to license a portion of Anthony F. Veteran Park for the construction and operation of additional tennis facilities to serve residents of the Town of Greenburgh and others; and

WHEREAS, Island Tennis, L.P. d/b/a Sportime has responded to the Town’s requests for proposals to construct and operate such additional tennis facilities at Anthony F. Veteran Park, which the Town Board finds to be a proposal which will best serve the needs of the Town; and

WHEREAS, the Town seeks to enter into a License Agreement with Sportime which shall become effective upon full execution by the parties and shall commence on the first day Licensee opens for business which shall be after the issuance of certificates of completion for construction of the facilities and shall terminate on August 31st of the fifteenth year (15 years) after the Commencement Date; and

WHEREAS, pursuant to this License Agreement, Licensee shall be required to pay to the Town of Greenburgh a “Minimum Guaranteed Annual License Fee” for each License Year of the Agreement until Cumulative Gross Sales of Sportime, as defined in the License Agreement, equal $35,000,000; and

WHEREAS, the Minimum Guaranteed Annual License Fee beginning in Year One of the License Agreement and subsequent years is as follows:

Year 1-$192,500.00; Year 2-$195,000.00; Year 3-$197,500.00; Year 4-$200,000.00;
Year5-$205,000.00; Year 6-$207,500.00; Year 7-$210,000.00; Year 8-$212,500.00;
Year 9-$215,000.00; Year 10 $217,500.00; Year 11-$220,000.00; Year 12-
$222,500.00; Year 13-$225,000.00; Year 14-$227,500.00 and Year 15-$230,000.00; and

WHEREAS, pursuant to this License Agreement, the Licensee shall pay the above Minimum Guaranteed Annual License Fees in twelve (12) equal monthly installments, payable on the first day of each month of the License Year however, if during the Term of this Agreement, the Cumulative Gross Sales of License exceed $35,000,000, then the License Fees for that License Year shall be equal to ten (10%) percent of Annual Gross Sales, but in no event less than the above Minimum Guaranteed Annual License Fees; and

WHEREAS, any revenues or expenses generated as a result of the License Agreement between the Town and the Licensee shall be credited to the town outside the villages or “B” fund unless the Town is directed otherwise by Court Order; and

WHEREAS, pursuant to the License Agreement, the Licensee shall initially make a capital investment provide of no less than two million ($2,000,000) dollars and maintain after construction, at its sole cost and expense, the following minimum improvements:

(A) Construct, renovate and/or expand a total of nine (9) tennis courts as follows: reconstruct four (4) existing hard tennis courts (presently known as courts 9,10,12, and 13) and finish surface with a Deco-Turf product; reconstruct and enlarge a fifth (5th) existing hard tennis court (presently known as court 11) and finish to match above courts; replace two (2) existing hard tennis courts (presently known as courts 7 and 8) with newly constructed soft “har-tru” surface courts; construct two (2) new soft “har-tru” surface courts to match above for bank of four (4) “har-tru” courts. Above court improvements will include all necessary infrastructure, foundations, utilities, drainage, irrigation, fencing, and indoor and outdoor lighting. Two (2) new air structure enclosures (commonly known as “tennis bubbles”) will be custom manufactured and will be installed annually by Licensee to enclose the nine (9) courts specified above. The above Improvements, in their entirety, shall provide, when air enclosures are installed and inflated, a complete and usable indoor facility as depicted on the site plan in Schedule “A”, which facility will also be fully usable during the outdoor season, with air structures removed.

(B) Construct a 2,400 square foot clubhouse which will consist of a Lobby, Public Space, Nursery, Men’s & Women’s locker room facilities, Pro Shop, Offices, and Vestibule; and

WHEREAS, notwithstanding the above, the Town may terminate this License
Agreement if the proposed additional tennis facilities have not been completed and/or are not in operation within twelve (12) months from the issuance of building permits for construction of the tennis facilities;

NOW, THEREFORE, BE IT RESOLVED that the Town Board of the Town of Greenburgh hereby authorizes the Supervisor to enter into a license agreement with ISLAND TENNIS, L.P. d/b/a SPORTIME to construct and operate additional tennis facilities at ANTHONY F. VETERAN PARK for the Minimum Guaranteed Annual License Fees outlined below:

Year 1-$192,500.00; Year 2-$195,000.00; Year 3-$197,500.00; Year 4-$200,000.00;
Year5-$205,000.00; Year 6-$207,500.00; Year 7-$210,000.00; Year 8-$212,500.00;
Year 9-$215,000.00; Year 10 $217,500.00; Year 11-$220,000.00; Year 12-
$222,500.00; Year 13-$225,000.00; Year 14-$227,500.00 and Year 15-$230,000.00

Submitted: November 25, 2007


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