HomeMy WebLinkAbout2008-04-28 08-149 ORDERitem No.
ng 149
Date: Apd128, 2008
Item/SubjecC Order, Authodzing the City Manager m Execute a Co nt W Assignment arta
Lessor Consent, Waiver and Estoppel Certificate — Bangor Historlc Track, Inc.
Responsible Department: Legal
Penn National Gaming, parent company of Bang" Historic Track, Inc. (BHI), is being acquired
by private Nulty companies. This will involve substantial financing. The Lenders are requiring
that the loans be secured by Penn National's properties Including, among others, Its Interest In
BHT. Penn National Gaming is the sole shareholder in BHT.
Penn National will grey¢ a mortgage and security Interest In Its properoes including BHT. The
Lender is requesting the City's consent W the mortgage and m the Assignment of the
Development Agreement and Lease.
This Order will authorize The CIN Manager to execute a Consent to Assignment and Lessor
Consent, Waiver and Estoppel CertlBcate, consenting W an assignment of Bangor Historic Tradk,
Inc.'s rights In the Oevelopmem Agreement and lease W secure the financing.
Department Head
Manager's Comments:
This has been reviewed and a recommended by the Business and Economic Development
Committee, fJJ n� (�®
��";ru d[/ yCityManager
Associated Information:
Finance Director
City Solictar
Passage
_ First Reading
Referral
OR 149
Assigned to Commdlor wheeler ePdl 28, 30oa
r^
CITY OF BANGOR
(TITLE.) ORDER, Authorizing the City Manager to Execute a Consent to Assignment and
Lessor Consent, Waiver and Estoppel Certificate — Bangor Historic Track, Inc.
By the of y County/ of Are Ory ofBangor:
ORDERED,
That the CN Manager, Edward A. Barrett, is hereby Authorized, on behalf of the CIN of Bangor,
to execute a Consent to Assignment and Lessor Consent, Waiver and Estoppel Certffinsm,
consenting to an assignment of Bangor Historic Track, Inc.'s rights in and to the Development
Agreement and in and to the (i) Amended and Restated Bangor Raceway Initial Lease
Agreement dated December 11, 2006, as the same has been amended and the (ii) Amended
and Restated Indenture of Final tease, dated June 23, 2006, as the same has been amended,
to secure financing to Penn National Gaming, Inc., Bangor Historic Track, Inc.'s parent
company. Said Consent to Assignment and Lessor Consent, Waiver and Estoppel Certificate
shall be in a final form As approved by the City Solicitor or Assistant City Solicitor.
IN CTW COn=
PassPeee
28, 2008
# OB -l69
ORDER
CISec
[f1R u AU h9= ine the Cit9 Neoeder to
Nxecute a Consent to AsoiN t and
7.esu= Consent. Waiver and Notaooel
Certificate - Bangor Nietarie Track, Inc.
Avigaetl btbusepsr
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