49-82 Property purchase agreement w/ Board of Ed

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AGREEMENT THIS AGREEMENT made and-concluded at Lakewood, Ohio this day of , 1982, by and between the City of Lakewood, Ohio a municipal corporation, hereinafter referred to as "CITY" and the Board of Education of the Lakewood City School District, hereinafter referred to as "BOARD", concerning the control, maintenance and operation of the Harrison Neighborhood Facility, hereinafter referred to as "FACILITY". W ITNESSETH WHEREAS, the City will purchase certain property from the Board on Hopkins Avenue for. the construction of a recreational facility, and WHEREAS, the Board conducts the general recreation program through- out the City of Lakewood and is properly equipped to operate, control and maintain said Facility, and WHEREAS, it is deemed to be in the best interests of the City to enter into an agreement with the Board for the joint operation of said Facility, NOW, THEREFORE, for and in consideration of the mutual promises and agreements of the parties hereto as herein contained and other valuable considerations, the receipt and sufficiency of which are hereby acknowledged by each party, the parties hereto hereby agree as follows: 1. The Board shall have and does hereby agree to assume full and complete control, maintenance and operation of said Facility. 2. The parties hereto hereby agree that the fiscal year of said Facility for financial accounting purposes shall close on December 31st of each year. 3. The Board agrees to furnish to the City interim financial statements disclosing receipts and expenses realized from the operation of said Facility as of the close of business on December 31st and monthly thereafter. Said interim finaicial statements shall be submitted to the City on or before the expiration of thirty (30) days next following the end of such month and shall disclose the following: (a) Receipts and expenses for the month; (b) Receipts and expenses, year to date;