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sales and the Base Performance Standard for Merchandise and Food/Beverage set forth in Section 8.04.3 if <br /> the Base Performance Standard for Merchandise and Food/Beverage is met. <br /> 8.04.2 Base Performance Standards for Golf, CITY shall pay OPERATOR that portion of the <br /> Incentive Management Fee described in subsection 8.04.1(a) above if the following base performance <br /> standard for Gross Revenues excluding food and beverage sales, Pro Shop merchandise sales and lesson <br /> fees(the"Base Performance Standard for Golf)is met or exceeded: <br /> Contract Year beginning July 1,2020 $3,000,000 <br /> To increase Annually by CPI <br /> 8.04.3 Base Performance Standard for Merchandise and Food/Beverage. City shall pay <br /> OPERATOR portion of the Incentive Management Fee described in Section 8.04.1(b)if the following base <br /> performance standard and revenue generated from food and beverage and Pro Shop merchandise sales("the <br /> Base Performance Standard for Merchandise and Food and Beverage")is met or exceeded: <br /> Contract Year beginning July 1,2020 $1,100,000 <br /> To Increase Annually by CPI <br /> 8.04.4 Payment. The amount of Incentive Management Fee earned in a year will be <br /> determined by comparing actual annual revenues to the Base Performance Standard for Golf and the <br /> Base Performance Standard for Merchandise and Food/Beverage. The Incentive Management Fee is <br /> to be calculated annually and paid annually in the first month of the following operating year. <br /> 8.04.5 Correction to Gross Revenues and Incentive Management Fee. If an inspection or <br /> audit pursuant to Article 10.0 results in a correction of the amount of Gross Revenues: a) CITY shall <br /> pay OPERATOR any additional Incentive Management Fee amount pursuant to Section 8.04 within <br /> thirty(30)days of receipt of notice of the correction,if the amount of Gross Revenues,or if the revenue <br /> from food/beverage sales and Pro Shop merchandise sales has been adjusted upward; or b) <br /> OPERATOR shall refund to CITY the amount of any overpayment of the Incentive Management Fee <br /> pursuant to Section 8.04 within thirty(30) days of receipt of notice of the correction, if the amount of <br /> Gross Revenues, or if the revenue from food/beverage sales and Pro Shop merchandise sales has been <br /> adjusted downward. <br /> 4. OPERATOR'S SERVICE OBLIGATIONS. <br /> Commencing on and effective as of July 1, 2020, Section 4.01 of the Operator Agreement shall be <br /> amended and restated in its entirety as follows: <br /> 4.01 Golf Professional Services.OPERATOR shall sell,rent,and repair golf equipment;sell golf- <br /> related clothing and supplies; provide instructional services in the playing of golf, rent golf carts; and <br /> operate a driving range. Such services shall be provided by or under the on-Premises direct supervision <br /> of the Golf Professional. <br /> 4.01.1 Pro Shop and Merchandise. The Pro Shop shall be open on the dates and at the time <br /> provided in the Golf Course Manual. <br />