Agenda

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County Administrator's Report 11. 6.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/10/2014
Issue: Addendum to the Management Agreement with SMG
From:	Amy Lovoy
Department:	OMB
CAO Approval:

RECOMMENDATION:

Recommendation Concerning an Addendum to the Management Agreement with SMG - Amy Lovoy, Management and Budget Services Department Director

That the Board approve the Addendum to Pensacola Civic Center Management Services Agreement between Escambia County and SMG, dated February 16, 2012, allowing American Capital Ltd., to transfer their 57.2% direct ownership in SMG to American Capital Equity III, LP.

BACKGROUND:

SMG, the County's management company for the Pensacola Bay Center, is wholly owned by SMG Holdings and American Capital Ltd (ACAS). ACAS directly owns 57.2% of SMG and controls another 40.9% of SMG through its affiliates American Capital Equity I and American Capital Equity II. Approval of this addendum will allow ACAS to transfer its 57.2% direct interest in SMG to American Equity Capital III.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SMG Management Agreement Addendum