Broward County Commission Regular Meeting
Director's Name: Monica Cepero
Department: County Administration
Information
Requested Action
title
MOTION TO APPROVE Term Sheet ("Term Sheet") attached hereto as Exhibit 1 between Broward County ("County") and the Arena Operating Company, Ltd., the Florida Panthers Hockey Club, Ltd., and Sunrise Sports and Entertainment, LLC., (collectively referred to as the "Panthers Parties") providing the conceptual terms of an agreement to replace the existing Amended and Restated Broward County Civic Arena Operating Agreement ("Current Operating Agreement") with a new nine-year Operating Agreement ("New Operating Agreement"), with two, five-year renewals at the County's sole option, and to authorize the County Administrator to negotiate and bring back to the Board for consideration and approval agreement documents that are consistent with Term Sheet, subject to continuing financial review and further subject to approval as to legal sufficiency by the County Attorney's Office.
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Why Action is Necessary
Broward County Board of County Commissioners ("Board") action is required to approve the Term Sheet.
What Action Accomplishes
Approves the Term Sheet and conceptually approves key terms for a New Operating Agreement.
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Previous Action Taken
None.
Summary Explanation/Background
THE COUNTY ADMINISTRATOR'S OFFICE RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item supports the Board's Value of "Cultivating community culture, arts, recreation and life-long learning" and goals relating to diverse artistic, cultural and recreational amenities and programs.
The Broward County Civic Arena ("Arena"), now known as the Amerant Bank Arena, is a multipurpose sports and entertainment venue owned and financed by Broward County. The Arena is managed by the Arena Operating Company, Ltd. ("AOC"), a subsidiary of Sunrise Sports & Entertainment, LLC. ("SSE") and affi...
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