Chief Executive Officer Becker indicated that the Management Report outlined this process in further detail (a copy of which is attached), but the basic terms of the CEA included a term of 35 years, a contribution of Eight Million Nine Hundred Thousand ($8,900,000) of capital (including in-kind goods and services) by the BDF, an allocation of the Net Operating Income ("NOI") of 75% to NOCPIA and 25% to the BDF of the first $1,150,000 of NOI with any amount of NOI received in excess of that amount be allocated 55% to CPIA and 45% to the BDF.

Commissioner Tom Fierke asked about the return of contribution of the Management Fee, and Chief Executive Officer Becker indicated that the operator will be paid a Management Fee equal to four percent (4%) of Gross Revenues earned each fiscal year for the operation of the Golf Complex, which is similar to the arrangement NOCPIA currently has with Billy Casper Golf. As set forth by the BDF response to the RFP and as stated in the CEA, the operator will contribute seventy-five percent (75%) of its Management Fee (or three percent (3%) of Gross Revenues) for capital improvements in the Golf Complex.

Commissioner Gerry Schoen asked Mr. Gerry Barousse, a representative of the BDF who had previously made a public comment, what the schedule will be for the implementation of the new golf course. Mr. Barousse indicated that depending on when the State released the plans for bidding, the new golf course would open in either 2014 or 2015.

CPIA BDF Managment Agreement for Golf Complex