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City to hire bond-specialist counsel to review Heyday management agreement for Family Entertainment Center
Summary
Council authorized up to $10,000 from the Family Entertainment Center budget to hire Clark Kimball to review the proposed management agreement between the Seminole Utilities Board and Heyday, citing concerns about jeopardizing tax-exempt bond status.
The city approved an engagement to retain outside counsel to review the proposed management agreement between the Seminole Utilities Board (SUA) and Heyday for the Family Entertainment Center, citing concerns that certain contract language could jeopardize tax-exempt financing.
Officials said the management contract requires specialized legal review because certain operational provisions could threaten the tax-exempt status of bonds issued to build the center.…
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