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<br />Memorandum of Agreement <br />Between the <br />Harvest Foundation of the Piedmont, and the <br />City of Martinsville, Virginia <br /> <br />This Memorandum of Agreement is made as of the _ day of October, 2006, <br />by and between the Harvest Foundation of the Piedmont, (the "Foundation"), a non-profit <br />charitable corporation and the City of Martinsville, Virginia, (the "City"), a municipal <br />corporation. <br /> <br />I. Purpose of A2:reement. The Foundation has agreed, at its sole expense, <br />to design, construct and equip two major recreational facilities (the "Facilities") for the <br />use and benefit of all citizens of the Martinsville and Henry County community. One of <br />these, an indoor arena and recreation center (the "Arena"), will be located on a site in the <br />City of Martinsville to be provided by the City. The other, a soccer field complex, will be <br />located on a site in Henry County to be provided by the County (the "Soccer Fields"). <br />The purpose ofthis Memorandum is to detail the mutual commitments of the Foundation <br />and the City, acting through its City Council) concerning the Arena project. <br /> <br />II. Foundation Commitments. <br /> <br />A. Fundin2:. The Foundation has committed to design, construct and equip <br />the two Facilities. The currently projected cost is $20 million of which <br />amount approximately $16 million is allocated to the Arena and $ 4 <br />million is allocated to the soccer fields; however, the Foundation may <br />change this allocation after bids are received. The Foundation's budget for <br />the Facilities will include a reasonable allowance for operating expenses <br />that will be incurred prior to opening of the Facilities, and until the <br />Facilities begin generating revenues to cover the cost of operations. The <br />Foundation does not intend to ask either the City or the County to make <br />any cash contribution to the cost of constructing the Facilities or to such <br />pre-opemng expenses. <br /> <br />B. Desi2:n and Construction. The Foundation will employ such architects, <br />engineers, consultants, contractors and other professional assistance to <br />complete both projects. In contracting for such services, the Foundation <br />agrees to adhere to the policies of the Virginia Fair Employment <br />Contracting Act, and even though no public funds are being expended, to <br />require its contractors and subcontractors to comply with Va. Code 9 2.2- <br />4201, The Foundation will have the Facilities constructed on the sites <br />donated respectively by the City and County, and upon completion will <br />turn them over to the Southern Virginia Recreation Facilities Authority <br />(the "Authority"), the entity to be created by the City and County to own <br />and operate the Facilities, <br />