Public Hearing: Franchise and Concession Review Committee - Randall's Island

The FCRC hereby authorizes RISF to grant a subconcession to the Schools Group to use Sports Fields within the Concession Location. The Schools Group will make an annual fee payment in the amount of $2,200,000, plus a COLA, if applicable, to RISF. In turn, RISF will make an annual fee payment of $1,800,000 to the City and use the balance of the funds for maintenance of the park at Randall’s/Ward’s Island. In exchange, the Schools Group will receive permitted use of 50% of the School Playing Slots (as defined in the Concession Agreement), all to be located within the Concession Location, during each School Year.

The term of the Concession Agreement shall commence approximately September 2009 ("Commencement Date") and shall end on the twentieth anniversary of the Commencement Date. Parks will review the concession every five (5) years.