Management, Maintenance, and Operation of the Harbor System

The Chicago Park District awarded a contract to Westrec Marina Management, Inc. for the management, operation, and maintenance of the Chicago Park District Harbor System. The contract includes provisions for the management of harbor facilities, including maintenance, repair, and operation of the facilities. The contract also includes provisions for the payment of a management fee, which consists of a fixed component and an incentive component. The fixed component is paid in monthly installments, and the incentive component is based on the gross operating revenues of the harbor facilities. The contract has a term of 5 years, with options for renewal. * Key aspects of the contract include: * Management of harbor facilities, including maintenance, repair, and operation * Payment of a management fee, consisting of a fixed component and an incentive component * Term of 5 years, with options for renewal * Provisions for the review and approval of annual plans and budgets * Requirements for the maintenance of records and the preparation of reports * Provisions for the termination of the contract, including notice periods and termination fees