Broward County Commission Regular Meeting
Director's Name: George Tablack
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
title
MOTION TO APPROVE Second Amendment ("Second 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 allowable use of Renewal and Replacement funds; 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 to any amendments to the Operating Agreement.
What Action Accomplishes
Amends certain obligations of the Operating Agreement, to allow for funds in the Renewal and Replacement Account be made available to fund arena operating expenses of $2.2 million through June 30, 2020.
Is this Action Goal Related
Yes
Previous Action Taken
None
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT IS SUBMITTING THE ABOVE MOTION ON BEHALF OF ARENA OPERATING COMPANY, LTD., A SUBSIDIARY OF SUNRISE SPORTS & ENTERTAINMENT, LLC, AND AFFILIATE OF THE FLORIDA PANTHERS HOCKEY CLUB LTD.
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 BB&T Center, 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 affiliate of the Florida Panthers Hockey Club ("Team") Ltd, on behalf of the County pursuant to the terms of the Ame...
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