IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO
RESOLUTION NO. 2022-
RESOLUTION OF THE CITY OF SAN LEANDRO CITY COUNCIL TO
AUTHORIZE AN APPROPRIATION OF $134,049.82 FROM THE SHORELINE ENTERPRISE GOLF COURSE FUND (596) AND TO APPROVE A $250,399.82 DISBURSEMENT FOR FISCAL YEAR 2021-2022 FOR AMERICAN GOLF CORPORATION’S INCENTIVE MANAGEMENT FEE FOR THE MANAGEMENT OF
MONARCH BAY GOLF CLUB
WHEREAS, an agreement between the City of San Leandro and American Golf Corporation (AGC) stipulates the City will pay an Incentive Management Fee for the management of Monarch Bay Golf Club; and
WHEREAS, said Incentive Management Fee is 20% of the amount by which net operating income for a given year exceeds $750,000; and WHEREAS, the Incentive Management Fee is $250,399.82 for the second operating year, July 1, 2021 to June 30, 2022; and
WHEREAS, Council approved an appropriation of $116,350 in the Shoreline Enterprise Golf Course Fund for the FY 2022-2023 budget and an additional appropriation of funds shall be made to the Golf Course Operation Account 596-56-001-5890 in the amount of $134,049.82.
NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows:
The Management Incentive Fee of $250,399.82 and an appropriation from the Shoreline Enterprise Golf Course unrestricted fund balance in the amount of $134,049.82 are approved, and the City Manager is authorized to take all actions necessary to effect this resolution.
Introduced by _______ and passed and adopted this XXth day of XXXX 2022, by the following vote:
Members of the Council:
AYES:
NOES:
ABSENT:
ATTEST:
Kelly B. Clancy, Acting City Clerk