ARTICLE 15.
USE OF EXCESS REVENUES.
If Stadium Operating Revenues exceed Reimbursable Expenses for any year, resulting in
no Net Operating Expenses required to be reimbursed by 49ers Stadium Company for that year
("Excess Revenues"), such Excess Revenues will be distributed as follows (in calculating the
Excess Revenues in any year, all dollar amounts in this Article 15 will be escalated at a rate of
three percent (3%) per year commencing in the year the Stadium first opens for NFL Events):
-
First, One Million Dollars ($1,000,000) will be transferred to the Stadium
Capital Expenditure Reserve; provided, however, that for any year in which a Second Team
Capital Reserve Deposit is made pursuant to Section 14.1(c) above, no transfer to the Stadium
Capital Expenditure Reserve will be made under this clause (a);
- Second, One Million Dollars ($1,000,000) will be paid to the City as
additional Ground Rent;
- Third, Two Million Dollars ($2,000,000) will be retained by the Stadium
Authority to fund future Reimbursable Expenses; and
- Fourth, the remainder, if any, will be disbursed one-third each to the City,
to the Stadium Capital Expenditure Reserve, and to the Stadium Authority to fund future
Reimbursable Expenses.