HomeMy WebLinkAbout2003-03-24 03-119 ORDERItem MR. m—r to
Date: March 20. 2003
Itam/Subject ORDER, Authorizing the City Manager to Ezecuts an Escrow Agreement
Between the City of Bangor and Capital Seven, LLC
Responsible Department: Legal
The statewide referendum on slot machines aim requires that a municipality approve the slot machines
before they an be operated within the municipality. The mundmity may vote any time between
December 31, 2002 and December 31, 2003. Capital Seven, LLC has requested that the City schedule a
special election Por June 2003.
Capital Seven, LLC has agreed to pay the costs associated with hating this question on the ballot in June.
Capital Seven, LLC has agreed to deposit $10,000 in escrow with the aty. The Escrow Agreement will be
substantially as attached.
Department Head
Gty Manager
Aaercu etl Information: Escrow Agreement
Legal Approval:
Finance Director
Solicitor
Intrad d for
Passage
_ First Reading Page I of 4
Referral
03-119
Amigo¢ wCo cili Palmer March 24. 2003
CITY OF BANGOR
(TITLE.) ORDER, Authorizing the City Manager to Execute an Escrow Agreement
Between the City of Bangor and Capital Seven, LLC
gytlrecatyC oft cuyofamw.
ORDERED,
THAT the City Manager, on behalf of the City of Bangor, is authorized to execute an
Escrow Agreement between the City of Bangor and Capital Seven, LLC. Said Agreement
shall be substantially as attached hereto and in a final form as approved by the City
Solicitor or Assistant Clint Solicitor.
IN CISY COUNCIL -«
Retch 26, 2003
Motion Hade nal seconded
for Passage
Comacilor Nealley
abstained from discussion and
vote due to a previously
established conflict
Passed
T *W
ORDER
(TITLE,) Aathorufeg etre City ager to
Ese cu v r
Esc w agreem et ➢etreev t e
City of Danger and Capital Seven, I
Asslgnegtm Coundlor Q.k
03-119
Ixyy-101M.10[1110uIaJ1
This Agreement is made and entered into this _ day of2003, by and between the
City of Bangor (herefitaRer "City"), a municipal coryomticn oganized and existing under the
laws of the State of Maine, and having its principal offices located at 73 Harlow Street, Bangor,
Maine, and Capital Seven, LLC, a Nevada Corporation having a place of business in Bangor,
Penobscot County, Maine.
WITNESSETH:
WHEREAS, Capital Seven, LLC wishes for Bangor to have a special election on the referendum
question of whether the citizens of Bangor approve of slot machines at a commercial racetrack in
Bangor; and
WHEREAS, a special election will cost the City of Bangor approximately $10,000; and
WHEREAS, the State of Maine is considering having a June election for the voters to consider
referendum questions; and
WHEREAS, if the State of Maine schedules a June election for the voters to consider State
referendum questions, the City shall take all reasonable and appropriate measures to have the
City referendum on the same data as the State referendum.
NOW, THEREFORE, IN CONSMERATION of the mutual promises and covenmrts contained
in this Agreement, the parties herein agree as follows:
1. To pay for the cost of a special election on the referendum question of whether the
citizens of Bangor approve of slot machines at a commercial racetrack in Bangor Capital Seven,
LLC shall pay to the City the sura of $10,000 to be held in escrow by the City.
2. The City shall be authorized to withdraw flmds from the escrow account to pay for the
con of Ne special elation.
3. If the State of Maine has a June election for the voters to consider referendum questions
and the City is Ale to schedule the City referendum question for the same date Capital Seven,
LLC shall not be required to pay for the special election except for that portion of the cons
related solely to the City referendum and the ranaining funds beld in escrow, sball be promptly
returned to Capital Seven, LLC.
4. Any balance censuring in the said escrow account after paymevt of the costs of the City
referendum shall be promptly returned to Capital Seven, LLC.
5. The parties herein agree that nothing contained herein shall be deemed or construed by
the parties hereto, nor by any third party, as creating the relationship of principal and agent or of
partnership or ofjoint venture between the parties.
03-119
IN WITNESS WHEREOF this agreement bas been executed, sealed and delivered as of the day
and year first above written.
CITY OF BANGOR
By: Edward A.Barred
Its: City Manager
CAPITAL SEVEN, LLC
Name:
Tide: