RESOLUTION NO. 8
AUTHORIZING A LEASE AGREEMENT WITH ARENA FOOTBALL 518, INC. REGARDING SUITE NO. 20 AT THE MVP ARENA
Introduced: 2/12/24
By Public Works Committee:
WHEREAS, The General Manager of the MVP Arena has indicated that Arena Football 518, Inc. has an interest in a lease agreement for Corporate Suite No. 20 at the MVP Arena, and
WHEREAS, The Suiteholder has made a deposit in the amount of $3,000 which will be applied toward year one of the lease agreement, and
WHEREAS, Annual payments are to be made as follows: a $48,000 payment for year one, $51,000 for year two, and $51,000 for year three for a total amount of $150,000, and
WHEREAS, The Suiteholder will also be responsible for sales tax on tickets to sporting events and cable TV monthly charges as well as any catered food they purchase through Aramark at the MVP Arena, and
WHEREAS, The term of said agreement to lease Suite No. 20 shall be for three years commencing April 1, 2024 and ending on March 31, 2027, now, therefore, be it
RESOLVED, By the Albany County Legislature that the County Executive is authorized to enter into a three-year lease agreement with Arena Football 518, Inc., Albany, NY 12211 to lease Corporate Suite No. 20 at the MVP Arena in the amount of $150,000 for a term commencing April 1, 2024 and ending March 31, 2027, and, be it further
RESOLVED, That the County Attorney is authorized to approve said lease agreement as to form and content prior to the execution thereof, and, be it further
RESOLVED, That the Clerk of the County Legislature is directed to forward certified copies of this resolution to the appropriate County Officials.