Summary of Proposed Changes in Fair Park Management Agreement
2.05 (f) State Fair Contract
State Fair agreement (which is currently in default) to be modified to allow park revitalization and economic self-sufficiency by: o Amending the excess revenues provision of the existing contract to require the State Fair to prospectively wholly maintain the buildings in which they exclusively operate and to maintain on a pro-rata share the remaining buildings utilized primarily during the Fair; o Amending the existing footprint of the State Fair in accordance with the Ash+Lime proposal attached as an exhibit to the management contract; o These provisions would be initially funded out of the $50 million in cash and liquid investments as shown in State Fairs latest audited financials. 3.03 Bond Funds First priority to fund 6.16 mandate of 80-110 acre (not to be confused with the 7.3 acre unfunded park proposed currently) signature community park rather than a deferred maintenance plan for older, unoccupied, buildings as currently proposed. 3.07 Financial Self-Sufficiency Assure path to best practice financial self-sufficiency and sustainability for Fair Park and tenants. o National best practices require that a park such as Fair Park: Create an entity that will serve as a supporting organization to raise private money or other public grants in order to wean the Foundation off of city/taxpayer funds; and Increase revenues from the Park. 4.03 Performance Plan First step should be to develop a comprehensive new plan for vision/redevelopment of Fair Park then implement the plan, which will necessarily include: o Immediately commencing a national search for an experienced CEO and bring that person on board as soon as possible; and o Creating benchmarks for accountability in the development and implementation of the plan. 4.11 Personnel Require interviews with current employees to assure competency and roles; not guarantee all a job. 4.24 MWBE Add provision mandating MWBE requirements for all contracting, not just bond-funded.
6.16 Community Park
Require at least 80- to 110-acre signature park to be built within 5 years, thereby creating the Park Premium for FairPark and its surrounding communities, as reflected in numerous studies conducted by Trust for Public Land and others. 9.04 Public transparency Strengthen transparency, openness and accountability by: o Implementing a no-excuse Open Records plan to prohibit the Foundation from gaming the public records laws to shield its activities; and o Adopt the Texas Open Meetings Act in its entirety to avoid even the appearance that this process has been conducted in secret. Exhibit 2.05(f) State Fair to be responsible for maintenance and upgrades to buildings noted in Column H of attached Needs Inventory. Exhibit 3.03 Capital Needs Inventory Signature community park to be first priority all other CAPEX to be lower priority categories. Exhibit 6.16 Map of signature community park to reflect 6.16 requirements, reflecting: o The concept of adding green spaces throughout the park, utilizing reinforced turf systems to allow for periodic parking on those areas if needed for the Texas/OU game day.
See attached revisions to the Management Contract.
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