Laserfiche WebLink
Furnishings in the clubroom. CITY shall not be responsible for damage caused by such public <br /> use. <br /> 7.0 COMPENSATION. <br /> a) January I, 2011 -December 31,2011 - 10% of all gross revenues up to $400,000; <br /> and 5% of all gross revenues over$400,000 shall be paid to the CITY. <br /> b) January 1, 2012 - December 31,2012- 10%of all gross revenues up to $425,000; <br /> and 5%of all gross revenues over$425,000 shall be paid to the CITY. <br /> c) January 1, 2013 -December 31, 2013 - 10%of all gross revenues up to $450,000; <br /> and 5%of all gross revenues over$450,000 shall be paid to the CITY. <br /> d) January 1, 2014-December 31, 2014- 10%of all gross revenues up to$475,000; <br /> and 5%of all gross revenues over$475,000 shall be paid to the CITY. <br /> e) January 1, 2015 -December 31, 2015 - 10%of all gross revenues up to $500,000; <br /> and 5%of all gross revenues over$500,000 shall be paid to the CITY. <br /> 7.01 Rent Abatement-At anytime during this agreement if LIFETIME TENNIS makes <br /> any improvements to the Tennis and Community Park which would meet the definition of <br /> "Improvements"in Section 3.05,the cost of the improvements may be deducted from the <br /> annual rent payment. <br /> 7.02 Transactions. Lifetime shall handle all of its own financial transactions through a <br /> point of sale (POS) system, and shall deposit cash and check receipts daily. <br /> 7.03 Tips and Gratuities. LIFETIME TENNIS, its employees and approved subcontractors <br /> shall not accept tips or gratuities. <br /> 7.04 Payment. LIFETIME TENNIS shall make its payment to the city within 90 days of <br /> audit true up. Due quarterly by thel5t"day of March,June, September,and Decmber of the <br /> operating year. <br /> 8.0 BUSINESS RECORDS <br /> 8.01 Types of Records. LIFETIME TENNIS shall maintain a method of accounting that <br /> complies with generally accepted accounting principles for its operations. The accounting, <br /> books, and records for the operation of the Facilities shall be separate from the accounting, <br /> books and records for any other business operated or managed by LIFETIME TENNIS. Such <br /> accounting, books and records shall include the keeping of at least the following documents: <br /> a) Regular books of account such as general ledgers showing fixed assets and <br /> equipment inventory; <br /> 15 <br />