TITLE
AUTHORIZATION TO ENTER INTO A CONTRACT WITH WESTREC SMI OPCO, LLC FOR MANAGEMENT AND OPERATION OF OUTDOOR ICE RINKS
SPECIFICATION NO. P-25021
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To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
Pursuant to Chapter XI, Section C.3 of the Code of the Chicago Park District, the Director of Revenue and the Director of Purchasing recommend, notwithstanding the lack of complete Economic Disclosure Statements, that the Board of Commissioners of the Chicago Park District (the "Board") authorize the General Superintendent and CEO or his designee to enter into a contract with WESTREC SMI OPCO, LLC ("Awardee") for the purpose of managing and operating outdoor ice rinks ("rinks") throughout the Chicago Park District ("Park District").
II. Award Information
Contractor: WESTREC SMI OPCO, LLC
Company Type: LLC
State of Incorporation: Delaware
Majority Interests: RCP SMI HoldCo, LLC 15.89%
CP Fresh Dock-B LLC 10.19%
Suntex REIT LLC 48.19%
Contract Term: Seven (7) year initial term with one (1) four-year extension option.
Contract Amount: Not to exceed $1,050,000 for the initial seven (7) year term. Expenditures remain subject to annual appropriations and each year's budget. If extension option is exercised, funding shall be based upon available annual appropriations. Breakdown of the Annual Management Fee Schedule below for reference:
$135,000 Year 1
$140,000 Year 2
$145,000 Year 3
$150,000 Year 4
$155,000 Year 5
$160,000 Year 6
$165,000 Year 7
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