 |
|
|
|
 |
|
 |
|
|
|
|
|
|
|
|
|
|
|
TENTATIVE AGREEMENT BETWEEN THE CITY OF GREEN BAY AND GREEN BAY PACKERS
posted 07/10/00
Press Conference Audio
Bob Harlan, GB Mayor Paul Jadin, John Jones: (Real Audio) |
- Naming Rights.
- The City and the Packers will act jointly in the sale of name in title rights to the real property owned by the City and leased to the Packers as of this date.
- Proceeds will be shared equally (50% each).
- All other advertising, sponsorship and promotional rights remain with the Packers (e.g., Nike becomes the official shoe of the Packers).
- 95% of City share will be used to retire debt on stadium.
- 5% of City share will be deposited in a fund to be used solely for the physical alteration or improvement of the leased property (i.e., all property bordered by Lombardi, Oneida, Ridge and Stadium Dr.). Packers may provide input into the expenditure of this fund but ultimately the City has sole discretion as to its use.
- In 2003 a Request for Proposals (RFP) will be issued following a vote of the City Council. The Council vote shall follow, by no more than 60 days, a County-wide advisory referendum which asks whether the name-in-title shall be sold.
- The process for RFP's would be conducted jointly and in a mutually acceptable manner that seeks to maximize price and assures a proper accounting to the City.
- The highest responsible bidder will be awarded the naming rights unless:
- No bid exceeds $120,000,000;
- The name is determined to be offensive to the Greater Green Bay Community; or
- The contract would violate NFL rules pertaining to the public image of an NFL stadium (e.g., the NFL would not sanction names related to sex, alcohol, tobacco or gambling).
- The parties will work jointly to ensure compliance with existing Packer contracts, including those which may allow companies first right of refusal on the naming rights if they match or exceed the highest offer.
- If no sale results from the first RFP, then the City may repeat the process no more than 30 months later, except that no advisory referendum need be held and the minimum value shall be $100 million.
- If there is still no sale, the parties may mutually decide to take the best offer available or determine another method to maximize proceeds.
- Maintenance.
- The Packers will be responsible for all maintenance and operations costs of the leased property and will be entitled to the full statutory maintenance and operations fund to help defray such costs.
- The City shall have no financial responsibility for maintenance costs of the Stadium Complex and shall have no obligation to deposit funds into the Operating and Maintenance Fund (O&M).
- The Packers will contract on a multiyear basis with the City for the performance of appropriate maintenance services. Any savings generated by the City's performance of these services represents profit to the City. Any overruns shall be borne by the Packers.
- In satisfaction of its rental obligation under the lease, the Packers agree that the City will net a minimum of $500,000, indexed at 2.75% per year, for the life of the lease. Total payments will exceed
$20,000,000.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
