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5. BID Compensation. <br />a. Deposit. On or before October 8, 2025, the City shall deposit with the BID <br />the sum of Thirty Thousand Dollars ($30,000.00) ("Deposited Funds"), which shall be <br />used by the BID for its performance of the Management Services and for its expenses <br />related to the performance of this Agreement. The BID shall place the Deposited Funds <br />in a BID fund or account and shall separately account for such funds. The Deposited <br />Funds shall be used to pay Management Services and Event costs as they become due. <br />Except for the cost of Additional City -Owned Equipment and costs pre -approved by the <br />City pursuant to Sections 4.b or 29, the foregoing amounts of compensation shall be <br />inclusive of all City costs of whatsoever nature associated with the BID, including but not <br />limited to salaries, benefits, overhead, administration, profits, expenses, and outside <br />contractor fees. Except as provided in Section 29, no City employee has the authority to <br />bind the City with regard to any payment for any services which exceeds the amount <br />payable under the terms of this Agreement. <br />b. Invoices. The BID shall submit a monthly invoice to the City for <br />Management Services rendered and a detailed expense report for expenses incurred <br />during the previous month. The invoice shall document the Management Services <br />provided during the preceding month, identifying by work category and subcategory the <br />work and tasks performed and such other information as may be required by the City. <br />The BID shall provide such additional backup documentation as may be reasonably <br />required by the City. If the BID has incurred costs for pre -approved Additional City -Owned <br />Equipment, the invoice shall include a detailed invoice for such Equipment. The City shall <br />pay the invoice for Additional City -Owned Equipment within thirty (30) days of receipt <br />unless the Additional City -Owned Equipment or the documentation therefor are <br />unsatisfactory. In the event of non-payment, the City shall provide written documentation <br />of why the invoice or documentation is unsatisfactory, and recommendations for a cure. <br />Payments made after thirty (30) days may be assessed an interest charge of one percent <br />(1 %) per month unless the delay in payment resulted from unsatisfactory work or <br />documentation therefor. <br />C. Return of Deposited Funds. Any amounts remaining in the Deposited <br />Funds following completion or termination of this Agreement shall be returned to the City <br />within sixty (60) days of such completion or termination. <br />6. Event Revenues. <br />a. Revenues. The BID shall retain all amounts derived from skate admission <br />fees, skate rentals, concession sales, fees charged to private leagues and for private <br />events, and other revenues. <br />b. Sponsorships. The BID may secure sponsorships to pay for Event <br />expenses and may retain all revenues secured from said sponsorships. <br />5 <br />