Base Term Repair and Refurbishment Fund. Because the City is offering a Base Term of eight (8) years and with the wear and tear associated with that length of contract, the City will require the Operator to establish a DEDICATED Base Term Repair and Replacement Fund at the commencement of the third year of the contract in the amount of one hundred thousand dollars ($50,000). The fund will be used at the sole discretion of the Airport Director to fund any mutually agreed to major maintenance, replacement, or refurbishment associated with the CSA. The fund will be maintained by the City. If the Operator desires to make a recommendation to use the fund for any authorized use, Operator shall provide a written proposal the Airport Director to include the nature of the request, the expected benefits (financial and/or customer service), what is being replaced (if applicable), timeline, and the projected cost. The Airport Director will review and provide a written response within seven (7) calendar days upon receipt. If there is a balance in the fund remaining at the end of the Base Term, the fund balance will carry forward through the end of the Option Term, if exercised. If the Option Term is not exercised, and remaining fund balance will remain with the City to be used at the City’s sole discretion.
Base Term Repair and Refurbishment Fund. Because the County is offering a Base Term of ten (10) years and with the wear and tear associated with that length of contract, the County will require the Respondent to establish a Repair and Replacement Fund at the commencement of the third year of the contract in the amount of one hundred thousand dollars ($100,000.00). The fund will be used at the sole discretion of the County to fund any mutually agreed to major maintenance, replacement, or refurbishment associated with the CSA. The fund will be maintained by the County. If the Respondent desires to make a recommendation to use the fund for any authorized use, Respondent shall provide a written proposal the County to include the nature of the request, the expected benefits (financial and/or customer service), what is being replaced (if applicable), timeline, and the projected cost. The County will review and provide a written response within thirty (30) calendar days upon receipt. If there is a balance remaining at the end of the Base Term, the fund balance will carry forward through the end of the Option Term, if exercised. If the Option Term is not exercised, and remaining balance will remain with the County to be used at the County’s sole discretion.
