Agmt16 Magical Bridge Foundation

Browse Search

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