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STAFF REPORT
City of Lancaster
CC {{item.
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5/7/24
JC
Date: May 7, 2024
To: Mayor Parris and City Council Members
From: Sonya Patterson, Director of Parks, Arts, Recreation and Community Services Subject:RESTRICTED STOCK DONATION AGREEMENT
Recommendation:
A. Accept restricted stock donation agreement between the City of Lancaster and Antelope Valley Soccer, Inc.
B. Authorize the City Manager or his designee to accept the donation and execute Agreement.
Fiscal Impact:
None
Summary:
On August 23, 2023 City Council approved the operating agreement for the Lancaster Municipal Stadium with Antelope Valley Soccer, Inc. (Club). The club and the City of Lancaster (City) are collaborating to bring professional soccer to the Antelope Valley with games to be played in a renovated Lancaster Municipal Stadium (Stadium). The parties have developed a plan to optimize the professional soccer experience for fans and players alike; and with the purposes of staging professional and amateur men’s and women’s soccer competitions as part of the United Soccer League (USL) on a year-round basis. Through the restricted stock donation agreement, Antelope Valley Soccer, Inc. (AVS), will issue the City of Lancaster six hundred and fifty thousand (650,000) shares of common stock, at $0.00001 par value per share. This donation strengthens AVS’s commitment to create economic, educational, and sporting opportunity for the community.
Attachment:
Restricted Stock Donation Agreement