From
Lee Harriss
Title
Resolution Approving Ratification of Capital Expenditure Funds for Improvements (Gift Shop) at Lone Star Park
Presenter
Greg Giessner
Kent Slabotsky, Vice President of Operations
Recommended Action
Approve
Analysis
At the August 6, 2018 board meeting, the board approved up to $1,446,259 of CAP EX projects from the FY19 CAP EX funds for capital projects. This project request is to move the gift shop from its current location to an unused betting window on the same floor. This will establish a permanent gift shop which will require less merchandise handling and can be locked and secured. The total project cost estimate is $28,000 with the Grand Prairie Sports Corp share being $14,000. In addition, they are cancelling the Silks ceiling tiles replacement project. Original estimate $50,000; bid received estimated $120,000, due to the large area and very labor intensive moving scaffolding from area to area. They will address this project at a later date. Other projects came in under budget. Lone Star would like to use funds from the previously approved CAP EX projects.
The Sports Corporation has approved a total of $1,446,259 for capital improvements at Lone Star Park. The funds were approved as part of the fiscal year budgets, which have the following remaining amounts:
FY16 $500,000 approved, $500,000 spent, $0 remaining
FY17 $500,000 approved, $500,000 spent, $0 remaining
FY18 $500,000 approved, $167,327.77 spent, $332,672.23 remaining
FY19 $500,000 approved, $0 spent, $500,000 remaining
Attached is the project description submitted by Lone Star for the board to consider for the joint CAP EX program.
Financial Consideration
The current year approved Capital Commitment Budget for Lone Star Park is $1,446,259. Of that amount, Lone Star has a balance of $832,672.23. Of that amount, Lone Star has requested $14,000 for the gift shop, leaving a balance of $818,672.23.
Body
A RESOLUTION OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. APPROVING THE GIFT SHOP RELOCATION AS PART OF THE FY19 CAPITAL EXPENDITURE IMPROVEMENTS AT LONE STAR PARK
WHEREAS, the Grand Prairie Sports Facilities Development Corporation, Inc. (the “Corporation”) has determined that Lone Star Park is proposing improvements for the gift shop and has requested that this be a part of the previously approved FY19 CAP EX spending;
NOW THEREFORE, BE IT RESOLVED, by the GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC.
RESOLVED, that the Corporation be, and it hereby is, authorized to include the gift shop relocation as part of the FY19 Capital expenditure projects, and subject to the following conditions: (i) each payment by the Corporation for such expenses must be authorized by the Treasurer of the Corporation and the Chairman of the Construction Committee; (ii) Global Gaming LSP, LLC ( “Lone Star”) shall be responsible for the payment of one-half of the expenses for the Improvements and shall be responsible for the payment of any and all expenses for the Improvements to the extent that the aggregate costs exceed $28,000 and (iii) Lone Star shall present the Corporation with plans and specifications with respect to the Improvements, and no expenditures will be authorized or expended prior to the Construction Committee’s, in its sole discretion, approval of such plans and specifications; and be it further
RESOLVED, that $14,000 be applied to the FY19 matching funds and be it further
RESOLVED, that the appropriate officers of the Corporation be, and they hereby are, authorized and directed to do all other acts, take all actions and prepare all papers, instruments and documents in connection therewith which they, in their sole discretion, deem proper in order to accomplish and carry out the intents and purposes of the foregoing resolutions, and any and all actions previously carried out in accordance herewith be, and they hereby are, ratified, confirmed, approved and adopted as the official acts and deeds of the Corporation.
PASSED AND APPROVED BY THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. MAY 6, 2019.
Ron Jensen, President
ATTEST: