Agmt15 Hamiilton & Winslow Properties, LLC - DDA

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2.6 Term. The term of this Addendum shall be for a period of one (1) year following the Effective Date, which term shall automatically renew for consecutive one (1) year terms unless any such renewal is cancelled by the City upon written notice given at least sixty (60) days prior to the end of such term. In the event that the City desires to terminate this addendum in order to have the Hamilton Garage and Jefferson Garage operated per the original Parking Agreement, the City shall give Developer sixty (60) days written notice and Developer agrees to execute reasonable documents to accomplish such termination. This Addendum shall terminate in the event that and at such time as the Parking Agreement terminates. 2.7 Advisable or Necessary Changes. For a period of one hundred eighty (180) days from the Effective Date, the parties shall negotiate in good faith any necessary or advisable changes to this Addendum, including, without limitation, any changes to the security coverage concerning the Hamilton Garage (any resulting increased costs shall be paid by Developer). The City Manager may approve such changes on behalf of the City. ARTICLE 3 REVENUE AND EXPENSES 3.1 Parking Revenues. Notwithstanding that the Parking Agreement provides that Developer shall have the sole right to charge for and receive revenues from, all parking in the Hamilton Garage and City shall have the sole right to charge for and receive revenues from, all parking in the Jefferson Garage, the parties agree and acknowledge that all revenue collected by the City, Developer or their Operator for patrons utilizing the Hamilton Garage and the Jefferson Garage during the "Effective Hamilton Public Use Period" shall be divided as follows: twelve percent (12%) to Developer and eighty-eight percent (88%) to the City. The "Effective Hamilton Public Use Period" shall be defined as the period that the Hamilton Garage can generate revenue from public use. Under current policy this would be one and one half hours after the daily start of the Hamilton Public Use period. This timeframe is subject to change if the City reduces or expands its free parking period. The City shall give Developer thirty (30) days written notice prior to any change to the free parking period policy. The division of revenue is based upon the eighty (80) parking spaces directly accessible without valet assistance in the Hamilton Garage, and the five hundred seventy-nine (579) parking spaces in the Jefferson Garage, for a total of six hundred fifty-nine (659) parking spaces, as described in the recitals. 3.2 Costs of Operation and Maintenance. Notwithstanding that the Parking Agreement provides that Developer shall be solely responsible for all costs and expenses incurred for operating and maintaining, or causing to be operated and maintained, the Hamilton Garage, the parties agree and acknowledge that those certain expenses incurred by the Operator for administering parking operations for patrons utilizing the Hamilton Garage and the Jefferson Garage during the Hamilton Public Use Period which are listed on Exhibit A, attached hereto and incorporated by reference (the "Prorated Expenses") shall be divided as follows: 12% to Developer and 88% to the City. In addition to the foregoing, the expense of one person employed by the Operator (who will provide valet assist to public parkers on an as needed basis) contracting with the Developer during the Hamilton Public Use Period shall be allocated to the REV: 10-11-18 PR Page 5 of 10 ATTY/AGR.2018.244/HAMILTON & WINSLOW PROPERTIES, LLC