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CONTRACT NO. K-1314-34: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, AND SOONER THEATRE, INC., IN THE AMOUNT OF $63,969 TO ASSIST IN THE OPERATION OF THE SOONER THEATRE LOCATED AT 101 EAST MAIN STREET.
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BACKGROUND: During the budgeting process for FYE 2014, a number of requests were specifically reviewed, discussed and approved by Council. Pursuant to those discussions, funding agreements were prepared and submitted to the various agencies for their execution. One of those agencies is the Sooner Theatre. Their funding agreement is now returned to Council for its approval.
DISCUSSION: The agreement which comes before Council at this time is the same basic form agreement for all agencies. The agreement provides that the Sooner Theatre will use the City funds of $63,969 to operate the Theatre. The agreement includes a reporting procedure by the agency to the Council of expenditures of the funds. The agreement also provides for cancellation of the agreement by either party; specifically provides for cancellation and return of any unexpended funds should the agency fail to use the funds for the purpose for which they are intended; or for cancellation should the agency be dissolved or cease to exist any time during the contract period.
The previous agreement with the Sooner Theatre included a clause allowing the agreement to renew automatically subject to Council's appropriation of funding when adopting the budget. That clause has been included in the new agreement.
RECOMMENDATION: Based upon the above and foregoing background and discussion, it is staff's recommendation that the funding agreement submitted herewith be approved. Funds are available in Contributions-Organizations (account 010-7083-451.47-41).