Laserfiche WebLink
ATTY/AGR/2016.252/MAGICAL BRIDGE PLAYGROUND <br />REV: 09-08-16 MK <br />Page 16 of 23 <br />d. Magical Bridge shall not use any donated funds for any purpose, except to <br />cover the Processing Fee, without express written consent of City. <br />2.3 Transfer of Funds to City. <br />a. Within ten (10) days of receiving the full amount of the Final Community <br />Donation, Magical Bridge shall submit a request for donation pursuant to the Donation Policy <br />(“Request for Donation”) to City for an amount equal to the Final Community Donation less a <br />processing fee of 8% (the “Playground Funds”). Upon approval of the Request for Donation by <br />the City Council, Magical Bridge shall promptly transfer the Playground Funds to City. After <br />Magical Bridge transfers the Playground Funds to City, City shall have sole and exclusive <br />responsibility for management of the Playground Funds. <br />b. Within ten (10) days of the Opening Event, Magical Bridge shall submit a <br />Request for Donation to City for an amount equal to all donations to the Project Magical Bridge <br />has collected since the transfer of the Playground Funds to City, less a processing fee of eight <br />percent (8%) (“Excess Funds”). Upon approval of the Request for Donation by the City Council, <br />Magical Bridge shall promptly transfer the Excess Funds to City. After Magical Bridge transfers <br />the Excess Funds to City, City shall have sole and exclusive responsibility for management of the <br />Excess Funds. <br />c. The Playground Funds and the Excess Funds shall be Restricted Donations. <br />City shall use the Playground Funds and Excess Funds solely to pay for costs relating to the <br />planning, designing, constructing, launching, operating, promoting, and maintaining the Red <br />Morton Playground, including amounts owed to third party contractors for performing <br />environmental and other assessments, and designing and building the Red Morton Playground, <br />and amounts owed in connection with the Opening Event, except that the Excess Funds may also <br />be used to fund other projects related to accessibility or to the Red Morton Playground in Red <br />Morton Park, including but not limited to handicap parking spots, disability access ramps, and <br />bathrooms. City shall have sole and exclusive responsibility for payment of all costs related to the <br />construction and maintenance of the Red Morton Playground. <br />2.4 Donor Information and Acknowledgements. <br />a. Magical Bridge shall maintain a list of all donors to the Project that shall <br />include the Donor Information for each donor, and whether the donor would like to be publicly <br />recognized. <br />b. Magical Bridge shall send acknowledgements to each donor to the Project <br />according to the Donation Policy. <br />c. Upon transfer of the Playground Funds and the Excess Funds, Magical <br />Bridge shall transfer to City the names and any other necessary information of donors for whom <br />recognition under the Donation Policy requires City action. <br /> <br />6.1.N. - Page 19