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HomeMy WebLinkAbout1996-02-12 96-113 ORDERCOUNCIL ACTION Item No. 96-113 Date February 12. 1996 Item/Subject: Authorizing Execution of Amendment to Bangor Raceway Lease Agreement Responsible Department: Legal The parties have a Lease dated January 25, 1994 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. MKU.WvsT/f9 Department H� Manager'sComments: ryA(a ($g k56- Wj, a� �a puav a 9hy.XL a aaa "Aad wW ru an" � � d4 �P w1G w° m yll ,,,, %3&n£0. baa P i im i . a Ce-m�m.�D.. hyy kcvW,p (I "µym+m,YfA gpQ+,pvaQ, City Manager Associated Information: Order, Amendment No. 2 to Raceway Lease Agreement Budget Approval: Legal Approval: FinanFinanc Director City Solicitor Introduced For Passage First Reading Referral Page 1 of 5 Awipwabf mERM Sullivan February 12, 1996 _ CITY OF BANGOR Auth i ing Execution of Amendment to Bangor (TILE.) (Drber, _.__.._ _..... ..__. __.... Raceway Lease Agreement By the cum County of OW MY ofBm4mr: ORDERED. THAT WHEREAS, the City of Bangor and Bangor Historic Track, Inc. wish to renew the Bangor Raceway Lease Agreement between the parties, dated January 25, 1994, NOW, THEREFORE, by the City Council of the City of Bangor, be it ORDERED, THAT the City Manager is hereby authori¢ed, on behalf of the City of Bangor, to execute Amendment No. 2 to Bangor Raceway Lease Agreement in the form attached hereto. IA CITY CODNCIL 96-113 February. 13, 1996, Teased0 R D I ' - - CITY CLERK Title, Authorizing EcewMon of Amendment to Bangor Raceway Lease Agreement '. ...................................... ^.............. . .... �nAeeipaei edw .....4 �........ Councilman 96-113 AMENDMENT N0. 2 TO BANGOR RACEWAY LEASE AGREEMENT THIS AMEMDMENT NO. 2 TO BANGOR RACEWAY LEASE AGREEMENT (hereinafter sometimes referred to as "Amendment No. 2"), executed in duplicate, this day of February, 1996, by and between the CITY OF SANGOR,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 aprincipal 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 to 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 CITY and TENANT to changes or amendments to said Lease Agreement; and WHEREAS, the parties hereto wish to renew said Lease Agreement for the calendar year 1996 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 Marchi through October 30, but excluding July 21 through August 5 Barns March 1 through October SO and ae onable period before March lfor preparation purposes Trailer Park April 1 through July 22 Grandstand April 1 through July 21 96-113 -2- 2) THAT Paragraph 20 (Pavizent to the City) of said Lease Agreement be amended in its entirety as follows: 1120. Payment to the City. TENANT shall pay the CITY a base fee of Thirty -Five Thousand Dollars ($35,000.00) for 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 a= of the average daily handles both on -track and at Maine Off Track Betting facilities wagered on TENANT'S 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, 1996. TENANT shall pay the fee(s) in seven (7) equal monthly installments beginning March lat. Any additional fees due will be calculated at the end of the 1996 Racing Season (July 21, 1996) and be payable by September 1, 1996 with final rental installment. At the end of any month aces are conducted on or 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 RANCOR and BANGOR HISTORIC TRACK, INC., as previously amended by Amendment No. 1 dated October 12, 1994, 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. 2 to be executed on the day and year first written above. CITY OF BANGOR (BY) Edward A. Barrett City Manager -3- 96-113 BANGOR HISTORIC TRACK, INC. witness (By) Fred Nichola Treasurer STATE OF MAINE PENOBSCOT, as. February _• 1996 Then personally appeared the above-named EDWARD A. BARNETT, City Hanger, 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 m , Notary Public/Attorney-at-Law Printed Name: STATE OF MAINE PENOBSCOT, ss. February • 1996 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 his said capacity, and the free act and deed of said corporation. Before me, Notary Public/Attorney-at-Law Printed Name: APPROVED AS TO FORM: Erik H. Stumpfel, City Solicitor