Broward County Commission Regular Meeting
Director's Name: George Tablack
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
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MOTION TO APPROVE Fifth Amendment (“Fifth Amendment”) to the Amended and Restated Operating Agreement dated January 12, 2016 (the “Agreement”), entered into by and among Broward County, the Arena Operating Company, Ltd., the Florida Panthers Hockey Club, Ltd., and Sunrise Sports & Entertainment, LLC, amending provisions regarding property insurance requirements; and authorize the Mayor and Clerk to execute same.
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Why Action is Necessary
Section 2.4 of the Broward County Civic Arena Operating Agreement (“Operating Agreement”) requires the Board to approve any amendments to the Operating Agreement.
What Action Accomplishes
Amends the insurance requirements of the Operating Agreement.
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Previous Action Taken
None.
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item seeks to update the Amended and Restated Operating Agreement dated January 12, 2016 (the “Agreement”) and the subsequent Fourth Amendment to the Agreement entered into by and among Broward County, the Arena Operating Company, Ltd. (“the Operator”), the Florida Panthers Hockey Club, Ltd., and Sunrise Sports & Entertainment, LLC, amending the provisions regarding property insurance requirements. The County and the Operator have determined that an amendment is needed to clarify the Named Windstorm and Flood Limits requirements set forth in the Fourth Amendment to the Agreement.
This Firth Amendment clarifies property insurance requirements effective retroactively to April 15, 2023, and thereafter on April 15, 2024. If the Operator does not timely pay for loses as determined in Section 11.1.2(a) of the Agreement, the County shall have the right to draw down on the Letter of Credit set forth in Section 20.1 up to the amount of the unpaid Operator amount.
The final Firth Amendment will be forthcoming as additional material.
Source of Additional Information
George Tablack, Chief Financial Officer, 954-357-7130
Fiscal Impact
Fiscal Impact/Cost Summary
There is no direct fiscal impact to the County.