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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.