Rose Quarter Facilities and City Tourism Support. Twelfth, to the City, the amount of Five Hundred Seventy-Five Thousand Dollars ($575,000), Escalated, to fund Rose Quarter Facilities operations and capital improvements, and other City activities supporting the purposes of this Agreement.
3.3.12.1. In FY 2028-29, this amount will reset to One Million Five Hundred Thousand Dollars ($1,500,000), Escalated. The timing and amount of this increase will be subject to review by the Financial Review Team as described in Task 2B of Attachment A and approval by the VDFI Board as described in Sections 3.3.12.2 through 3.3.12.3 and may be referred to the dispute resolution process in Section 8 as described in Section 3.3.12.4.
3.3.12.2. If a majority of the FRT recommends reduction or delay of all allocation increases due to Insufficient Funding, the VDFI Board will convene no later than March 15th to (i) consider the FRT recommendation and (ii) take one or more of the actions, through a vote of its authorized membership, to (x) approve all allowed increases in full, (y) approve a portion of all allowed increases, or (z) delay implementation of all allowed increases; and, if all allocation increases are approved, (iii) direct the VFTA Administrator to reset the allocations and disburse the approved increases.
3.3.12.3. The standards for the VDFI Board’s decision will be whether approval of the allocation increase in the specified amount will (i) fulfill the purposes of this Agreement and (ii) based on the advice of the Financial Review Team through their action in Task 2B, allow all obligations of this Agreement to be met. The decision of the VDFI Board in Section 3.3.12.2 will be completed and reported in writing by the VDFI Board Administrator to the VFTA Administrator and the Parties within five (5) business days of the VDFI Board meeting described in Section 3.3.12.2.
3.3.12.4. If, within five (5) business days of receipt of the VDFI Board decision, any Party objects to the decision of the VDFI Board, the matter is referred to dispute resolution in Section 8. The VFTA Administrator will initiate dispute resolution by providing notice, which must be given or delivered, as described in Section 10.2, to the Parties and the VDFI Board within five (5) business days of the Party’s objection. The notice will include the VDFI Board report described in Section 3.3.12.3 and any submitted Financial Review Team report(s).
Rose Quarter Facilities and City Tourism Support. Twelfth, to the City, the amount of Five Hundred Seventy-Five Thousand Dollars ($575,000), Escalated, to fund Rose Quarter Facilities operations and capital improvements, and other City activities supporting the purposes of this Agreement.
3.3.12.1. In FY 2028-29, this amount will reset to One Million Five Hundred Thousand Dollars ($1,500,000), Escalated. The timing and amount of this increase will be subject to review by the Financial Review Team as described in Task 2B of Attachment A and approval by the VDFI Board with concurrence of the Financial Review Team as described in Sections 3.3.12.2 through 3.3.12.4 and may be referred to the dispute resolution process in Section 8 by the Financial Review Team as described in Section 3.3.12.5.
3.3.12.2. If one or more members of the FRT recommends reduction or delay of the allocation increase, the VDFI Board will convene no later than March 15th to (i) consider the FRT recommendations and (ii) take action, through a vote of its authorized membership, to (x) approve the allowed increase in full, (y) approve a portion of the allowed increase, or
Rose Quarter Facilities and City Tourism Support. Eleventh, to the City, the amount of Five Hundred Thousand Dollars ($500,000), Escalated, to fund Rose Quarter Facilities operations and capital improvements, and activities supporting the purposes of this Agreement.
3.3.11.1. Notwithstanding Section 3.3.11, for FY 2013-14, the amount of Two Hundred Fifty Thousand Dollars ($250,000).
