HomeMy WebLinkAbout1997-01-27 97-102 ORDERCOUNCIL
p./ACTION
Date
/CO3 ; 1996 tem No. 97-102
Item/Subject: Authorizing Execution of Amendment to Bangor
Raceway Lease Agreement
Responsible Department: Legal
Commentary:
The parties have a Lease dated January 25, 1999 for the operation
of the Bangor Raceway. Pursuant to the terms of the Lease, Bangor
Historic Track, Inc. has exercised its right to have the Lease
renewed. The Amendment renews the Lease subject to changes
regarding dates and payments to the City.
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Manager's Comments:
/.r(P"^"'"""p'/°'" %'` A.ps City Manager
Associated Information: Order, Amendment No. 3 to Raceway Lease
Agreement
Legal Approval:
9
Introduced For
d Passage
First Reading
Referral Page 5 of 5
IN CITY COUNCIL !
January 27, 1997
Passed 97-102
0 A O E A
CIT LERR
Title, Authorizing Execution of
Amendment to angor Raceway Lease
Agreement
/^1
Ass rad to
1154
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----------- ----------------------
Councilman
.. 9]-102
AMENDMENT NO. 3 TO
BANGOR RACEWAY LEASE AGREEMENT
THIS AMENDMENT NO. 3 TO BANGOR RACEWAY LEASE AGREEMENT
(hereinafter sometimes referred to as "Amendment No. 3"), executed
n duplicate, this day of 199_, by and between
the CITY OF BANGOR, a municipal corporation organized and existing
under and by virtue of the laws of the State of Maine, and located
at Bangor, Penobscot County, Maine (hereinafter sometimes referred
to as the "CITY") and BANGOR HISTORIC TRACK, INC., a duly
authorized and organized Maine corporation doing business as Bangor
Raceway and having a principal place of business at Bangor,
Penobscot County, Maine (hereinafter sometimes referred to as
TENANT").
W I T N E S S E T H:
WHEREAS, the CITY and TENANT are parties t0 a Certain Bangor
Raceway Lease Agreement (hereinafter sometimes referred to as
"Lease Agreement"), dated January 25, 1994, regarding the use and
occupancy of the Bass Park grandstand, track, barns, .and trailer
park by TENANT; and
WHEREAS, said Lease Agreement provides for a renewal term after
proper notice by TENANT and agreement between the CITYandTENANT
to changes or amendments to said Lease Agreement; and
WHEREAS, the parties hereto wish to renew said Lease Agreement
for the calendar year 1997 racing season subject to,the within
terms and conditions;
NOW, THEREFORE, the parties do mutually agree as follows;
1) THAT Paragraph 1 (Premises) Of Said Lease Agreement be
amended as follows:
a) Replace all language under the headings "Area" and
"Dates' with the following:
Track March 1 through October 13, but
excluding July 21 through August 3
Barns March 1 through October 13 and a
reasonable period before March 1 for
preparation purposes
Trailer Park April 1 through July 22
Grandstand April 1 through. July 20
2) THAT Paragraph 20 (Payment to the City) Of said Lease
Agreement be amended in its entirety as follows;
"20. Payment to the City. TENANT shall pay the CITY a
base fee of Thirty -Five Thousand Dollars ($35,000.00) for
97-102
-2-
the right to lease and operate the premises. In addition
to the base fee, TENANT shall pay to the CITY an additional
fee amount to be determined as follows: If the sum of the
average daily handles both on -track and at Maine Off Track
Betting facilities wagered on TENANT'e races is greater
than Fifty -Five Thousand Dollars($55,000.00), the
percentage amount by which said amount exceeds $55,000.00
shall be multiplied by the base fee to determine the amount
of the additional fee. CITY shall invoice TENANT the full
amount of the base fee on March 1, 1997. TENANT shall pay
the fee(s) in seven (7) equal monthly installments
beginning March 1st. Any additional fees due will be
calculated at the end of the 1997 Racing Season (July 20,
1997) and be payable by September 1, 1997 with final rental
installment. At the end of any month races are conducted
on r at the leased premises, TENANT shall provide to CITY
copies of reports required to be filed with the State of
Maine reflecting all wagers placed or made at the leased
premises, as well as all wagers made or placed at Maine Off
Track Betting facilities on races conducted at the leased
premises."
3) THAT except for the foregoing, said Lease Agreement, dated
January 25, 1994, between the CITY OF BANGOR and BANGOR HISTORIC
TRACK, INC., as previously amended by Amendment No. 1 dated October
12, 1994, and Amendment No..2 dated April 5, 1996, shall remain in
full force and effect in all other respects between the undersigned
parties, provided that, however, the parties acknowledge and agree
that the bathhouse, shower and toilet facilities previously part of
the trailer park on the premises no longer exist and will not be
replaced by the City.
IN WITNESS WHEREOF, the parties hereto have respectively
executed or caused this Amendment No. 3 to be executed on the day
and year first written above.
CITY OF BANGOR
(By)
Edward A. Barrett
City Manager
BANGOR HISTORIC TRACK, INC.
(BY)
Fred Nichols
Treasurer
-3-
STATE OF MAINE
PENOBSCOT, as.
9]-102
199_
Then personally appeared the above-named EDWARD A. BARRETT,
City Manager, and acknowledged the foregoing instrument to be his
free act and deed in his said capacity, and the free act and deed
of said body corporate.
Before me,
STATE OF MAINE
PENOBSCOT, as.
Notary Public/Attorney-at-Law
Printed Name:
199_
Then personally appeared the above-named FRED NICHOLS,
Treasurer of Bangor Historic Track, Inc., and acknowledged the
foregoing instrument to be his free act and deed in hissaid
capacity, and the free act and deed of said corporation.
Before me,
Notary Public/Attorney-at-Law
Printed Name:
APPROVED AS TO FORM:
Erik M. Stumpfel, City Solicitor Date