2006/08/30 Council Agenda Packet

7 By way of example only, Compensation for the Year September 1, 2007-August 31, 2008 would be determined by multiplying $239,638.32 by a factor calculated by dividing the CPI- U published for June, 2007 (Adjusted CPI-U)by the CPI-U published for June, 2006 (Base CPU-I). Compensation for the Year September 1, 2008-August 31, 2009 would be determined by multiplying Compensation for the year September 1, 2007-August 31, 2008 by a factor calculated by dividing the CPI-U published for June, 2008 (Adjusted CPI-U)by the CPI-U published for June, 2007 (Base CPU-I). The factor of Adjusted CPI-U divided by Base CPI-U shall not be less than one (1.0). The basis for determining adjustments shall be the Consumer Price Index for All Urban Consumers, issued by the United States Department of Labor, Bureau of Labor Statistics, Washington, D.C., for the Seattle-Everett metropolitan area, all items, 1985=100 (referred to as "CPI-U"). The CPI-U numbers to be used for adjustments shall be the CPI-U numbers officially published for June. If the CPI-U, series 1985=100, is no longer officially published at the time of adjustments, such series of numbers nevertheless will be used for adjustment of Compensation under this section by the use of conversion tables supplied by the Bureau of Labor Statistics. If official publication of the CPI-U number that would otherwise be used pursuant to this Agreement has been delayed and not published as of the first day of the Year for which the adjusted Compensation is being determined, then, in the interim, until such CPI-U number is officially published, the City shall pay Compensation as paid in the preceding Year. When such CPI-U number is officially published,the determination shall be made as though such CPI-U had been officially published prior to the beginning of such Year, and the adjusted Compensation so determined shall be applied retroactively and prospectively for the remainder of such Year. If the CPI-U is discontinued by the Bureau of Labor Statistics, or any successor thereto, and not replaced by any substantially similar Index which is convertible to the CPI-U, 1985 = 100, through the use of conversion tables, then any increase in Compensation for a succeeding Year shall be renegotiated by the parties during the thirty (30) days immediately preceding expiration of such year. C. Rental Income Income from rental of the facility shall be City income. D. Reports Each quarter, Theatre shall provide City with an operational summary of activities occurring during the quarter, a detailed budget performance summary, and an income statement that clearly reflects income and expenditures according to generally accepted accounting principles. Upon City's request, Theatre shall provide City with income, 3 EVERETTNILLAGE THEATRE AGREEMENT Page 5 of 10