Be Revisited

This Evening

The Seminole Utilities Authority will convene this evening to pick up where they left off last Tuesday regarding an agreement for management of the cityowned family entertainment center.

As reported in our weekend edition, the Authority was tasked at its April 14 regular meeting with reviewing and possibly approving a public/private partnership agreement with Heyday Entertainment. After about an hour of discussion, the measure was tabled. Last Thursday, a special meeting was called for 6 p.m. on April 21, with the management agreement being the sole item on the agenda.

Under the agreement, the City of Seminole, via the Utilities Authority, will provide all startup and ongoing operating expenses for the center, including personnel costs. Per a 2023 election, funding will be provided by a one-cent sales tax and the city’s four percent hotel tax. Heyday will be reimbursed, likely on a semiannual basis, for all expenditures and will also receive a percentage of the gross revenue.

The proposed agreement states that during the first twelve months of operations “the management fee shall be an amount equal to five percent of the monthly gross revenues each respective month. Thereafter, and beginning on the thirteenth month, the management fee shall be in accordance with the following schedule: $0 - $1,500,000: 0% of total; $1,500,00 $2,000,000: 5% of total; $2,000,001 - $3,000,000: 10% of total; $3,000,001 - $3,600,000: 12% of total and $3,600,001 and over: 15% of total.”

A special meeting of the Seminole City Council is also set for this evening. The agenda calls for approval of a $49,000 invoice from RCL Development, the developers of the subdivision and retail area off Highway 9, where the family entertainment center is under construction.

Both meetings will take place in the Goldie Barnett Conference Room of the Seminole Public Library and are open to the public.