We have obtained a copy of the "confidential" Business Term Sheet from 2007 outlining the terms and conditions of the proposed agreement between the Bayou District Foundation/Fore!Kids Foundation (the "tenant") and City Park. Most of these proposed terms have never been made public.

The highlights:

- The location is referred to as "approximately 550 acres", despite the repeated claims of "only 400 acres" cited in public.

- It is to be a lease arrangement, with the initial lease term of fifty (50) years, with four ten (10) year renewal options, for a total of a ninety (90) year lease. [Important note: a 90 year lease is considered to be almost equivalent to a sale. When a public body wants to "sell" something, but is legally prohibited from doing so, sometimes they enter into a 90 or 100 year lease.]

- Start up rent will be $100,000 per year, beginning 60 days after approval of the lease "by all responsible authorities", and base rent will be $500,000 per year, beginning either when the courses open or 2 years from lease execution, whichever is earlier. In additional rent, tenant will also pay 33% of net operating profit generated from golf operations.

- Tenant will be exempt from paying property taxes, because the property is publicly owned.

- Financing of project will be responsibility of tenant, with City Park providing a portion of the funds, some of which may be provided in the form of debt.

- In addition to the golf facilities, tenant shall construct additional recreational facilities on the former "North Course", including up to eight (8) soccer fields and eight (8) baseball/softball fields.

Attachment:   Business Term Sheet between City Park and BDF/Fore!Kids