Staff recommends a motion to approve the agreement between the Par 3 Golf Course Management Agreement between the Exchange City Golf Corporation and the City of Billings for the management of Par-3 golf course.

There are no changes to the prior agreement proposed by either Exchange City Golf Corporation or City Staff other than the effective date.
 
Exchange City Golf Corporation, a Montana nonprofit, developed, manages, and maintains the City-owned, Par-3 golf course. They do so consistent with a management agreement between themselves and the City of Billings. The management agreement is reviewed and approved on a four-year basis. The most recent agreement lapsed Dec 31, 2023.

City Council may:

• Approve; or,
• Not Approve

Proceeds from the operation of the golf course shall be divided between the City of Billings and the Downtown Exchange Club of Billings at the ratio of 2 to 1 respectively, after: expenses of operation, debt retirement on any ECGC operating loans, reserve for expenses of operation and reserve for capital expenditures,

In the event that this Agreement is not renewed at the end of the term hereof, all debt that ECGC incurs towards the operation of the golf course shall be retired as provided in this Agreement or by such other means as the parties agree. Upon termination of this Agreement, any and all properties, including improvements, that ECGC owns shall be transferred to the City without any cost to the City. If the agreement is terminated, the city would then need to close Par-3, take over operation, or enter into an agreement with another organization to manage the course.