Res 2015-013/Amendment to and renewal for an additional five years of an Agreement for Airport Management Services with Texas Aviation Partners, L.L.C.;

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ii. The total of all compensation (including but not limited to the Airport Revenue Incentive) shall never exceed the fair and reasonable value of the services, or impair the City's ability to issue bonded indebtedness for the Airport under FAA regulations. In such event, the Operator's compensation shall be reduced to comply with FAA regulations. iii. The City will calculate the incentive payment on or before December 31 st of the Fiscal Year following the Fiscal Year in which the incentive was earned and will pay the Operator the incentive payment, if any, on or before January 5th. ARTICLE 7 OPERATOR'S RECORDS AND DOCUMENTS 7.0.1 The Operator will keep all of its expense records in a recognized accounting format acceptable to the City and these records will be kept at the Airport and be made available to the City or its auditors upon request during regular business hours 9 -5 Monday — Friday. 7.0.2 Access to Records; Audit. The City, its auditors, federal auditors, and state agencies that have monitoring or auditing responsibilities for this Agreement will have access to any books, documents, papers, and records of the Operator which are directly pertinent to this Agreement for the purpose of making audit, examination, excerpts, copying and transcriptions. The City shall have the right to audit Operator's operations at the Airport. 7.0.3 Correction. Should weaknesses in internal control or errors in record keeping be discovered, Operator shall promptly correct such discrepancies upon discovery, or within a reasonable time after discovery (which shall not exceed thirty (30) days from discovery). Operator shall inform the City in writing of the action taken to correct any audit discrepancies. Base Revenue Adjusted by Fiscal Year 4% Annually 2014 -2015 $ 237,695 2015 -2016 $ 244,083 2016 -2017 $ 253,846 2017 -2018 $ 264,000 2018 -2019 $ 274,560 2019 -2020 $ 285,542 ii. The total of all compensation (including but not limited to the Airport Revenue Incentive) shall never exceed the fair and reasonable value of the services, or impair the City's ability to issue bonded indebtedness for the Airport under FAA regulations. In such event, the Operator's compensation shall be reduced to comply with FAA regulations. iii. The City will calculate the incentive payment on or before December 31 st of the Fiscal Year following the Fiscal Year in which the incentive was earned and will pay the Operator the incentive payment, if any, on or before January 5th. ARTICLE 7 OPERATOR'S RECORDS AND DOCUMENTS 7.0.1 The Operator will keep all of its expense records in a recognized accounting format acceptable to the City and these records will be kept at the Airport and be made available to the City or its auditors upon request during regular business hours 9 -5 Monday — Friday. 7.0.2 Access to Records; Audit. The City, its auditors, federal auditors, and state agencies that have monitoring or auditing responsibilities for this Agreement will have access to any books, documents, papers, and records of the Operator which are directly pertinent to this Agreement for the purpose of making audit, examination, excerpts, copying and transcriptions. The City shall have the right to audit Operator's operations at the Airport. 7.0.3 Correction. Should weaknesses in internal control or errors in record keeping be discovered, Operator shall promptly correct such discrepancies upon discovery, or within a reasonable time after discovery (which shall not exceed thirty (30) days from discovery). Operator shall inform the City in writing of the action taken to correct any audit discrepancies.