John W. Madden, Jr., et al. - Page 9

                                        - 9 -                                         
          amphitheater, known as Samson Park, was also donated to the                 
          Museum.                                                                     
               FGA is an outdoor amphitheater built in 1982 as an earth               
          sculpture.  From the time of its development until it was donated           
          to the Museum in August 1986, the Museum used FGA approximately             
          five times each year for performing arts events.                            
               On July 17, 1986, 3 weeks prior to the donation, the Museum            
          executed the FGA long-term facility lease agreement (the First              
          Lease) with MCA Concerts, Inc. (MCA), for the lease of FGA.                 
          After entering into the First Lease, the Museum sent a copy of              
          the First Lease to the New York law firm of Baer Marks & Upham              
          for advice regarding any issues that might affect the Museum's              
          tax-exempt status.                                                          
               By a letter dated February 2, 1987, Baer Marks & Upham                 
          replied to the Museum's inquiry and made a number of suggestions            
          for changes in the lease.  Thereafter, on August 7, 1987, the               
          Museum executed the first amended and restated FGA long-term                
          facility lease agreement (the Second Lease).  Pursuant to their             
          agreement, after entering into the First Lease, MCA installed               
          individual seats, constructed a sound wall, and made other                  
          improvements to FGA.  After the renovations, FGA could                      
          accommodate an audience of 18,000 people, and many popular                  
          performers could, and did, put on shows at FGA.                             
               The Second Lease provides that the Museum will collect rent            
          from MCA based on a fixed percentage of gross receipts, but that,           




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011