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Home My WebLink About1994-12 - Amendments to Contract and Lease with Missouri Gaming Company#27075; 02/07/94 BILL NO. ~~~~ -~ Z ORDINANCE NO. ~,~~_ ~~ AN ORDINANCE AMENDING THE CONTRACT AND LEASE WITH MISSOURI GAMING COMPANY AND RATIFYING THE CONTRACT AND LEASE WITH MISSOURI GAMING COMPANY AS AMENDED. WHEREAS, the Board of Aldermen on the 3rd day of June, 1993, adopted Ordinance 93-26 authorizing the City to enter into a contract and lease with the Missouri Gaming Company; and WHEREAS, the City did enter into such contract and lease with Missouri Gaming Company on June 3, 1993; and WHEREAS, the City previously amended its contract with the Missouri Gaming Company; and WHEREAS, the Missouri Supreme Court found that certain portions of the gambling referendum to be unconstitutional; and WHEREAS, the attachment to this ordinance which is Amendment No. 4 to the Missouri Gaming Company contract has been determined by the City to be in the best interests of the City's residents. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS: Section 1. The amendment to this contract and lease with Missouri Gaming Company which modifies the original contract and lease and amendments 1, 2, and 3 thereto is hereby adopted and made a part of this ordinance as though fully set out therein. Section 2. The amendment to this contract marked Amendment No. 4 is made a part of this contract as though fully set out therein. Section 3. The City intends by this ordinance to ratify the entire contract and lease with Missouri Gaming Company including the amendment hereto attached. Section 4. The Mayor and City Clerk are directed to take such further action as may be necessary to implement the intent of this ordinance. i PASSED THIS --~~ DAY OF -e%~" - , 1994. % ,~.u,~~ MAYOR ATTFj~T : ~ ~ ~a.GF~ ~iYh~°-~;:~ -. CITY CLERK ~~ ~~~ . APPROVED THIS DAY OF 1994. i ~~ ~~~~~~ MAYOR F E B- 1 1- 9 4 F R I 1 1. 0 7 W Z T T~ H I C K L I N ~, ARGOSY/Amendment No. 4 P _ 0 S /, x`27035; 02/D4/94 Revised 02/07/94 pbiENDMENT INTO 4 TO LEASE AND DFVEY,OPN,ENT AGREF•M~ This agreement made on this .~~ day of February, 3994, by and between THE CITY OF RIVERSIDE, MISSOURI, hereina#ter called "City" and MISSOURI GAMING COMPANY, hereinafter called "Missouri". WHEREAS, the parties on the 7th day of June, 1993, entered into 8 Lease and Development Agreement for certain land in the city of ~Ziverside which provided among other things for interim monthly payments and a minimum guaranteed rent and payments for a golf course and park; and WHEREAS, a performance bond in the amount of $lo,000,000. wd& required by the contract to be posted in order to secure that the development promises were completed; and WHEREAS, the contract was amended by Ordinance on July b, 1993, extending the date for Missouri to make the appropriate Zoning application until August 10, 1993; and h'HEREAS, the contract wds amended on July 20, 1993, by an escrow agreement by which $6,600,000. was placed in escrow with the firm of Dona]dson, Lufkin and Jenrette; and p'HEREAS, the contract was further amended by Amendment No. F E B- 1 1- 9 4 F R I 1 1: 0 7 W I T T~ H Z C ~\ ~ti P _ 06 2 3 to provide that the City had a first priority security interest in the $5,000,000. cash as advance rent deposited with the independent escrow agent; and WHEREAS, Missouri and City subsequently entered into a 1&daE: ayle~i,~c:1~~ ui~ a ~,oZLlOii of t1,e; ~1Ly 1'alth wi,ict~ ~,iuviu~u among other things for a monthly payment and monthly rent for the temporary use of the City Park; and WHEREAS, the Supreme Court of the State of Missouri has declared that certain portions of the referendum passed by the voters were unconstitutional thereby necessitating a new statewide election and which may also necessitate an additional local election; and WHEREAS, Missouri desires to continue to pursue obtaining a gaming license for those activities legally permissible 8rid commence operations within the City of Riverside on the interim site. NOW, 7'HEREf'ORE, in consideration of the promises and mutual covenants and conditions contained herein, the parties agree as follows: 1. In the event that 1;issouril obtains a gaming license and commences operation, then Missouri shall immediately release from the escrow account $600,000. which is part of the development promise of paragraph 10 of the contract. The City agrees that it will delay demand of a release of the remaining $6,000,000. until the question of permitting slot machines is F E B- 1 1- 9 4 F R I 1 1: 0 8 W Z T T~ H I C K L I N /~ ~~ P _ 0 7 3 resolved by favorable S~tewide vote of the people and if necessary a lots ~~o e plus thirty (30) days thereafter. 2. Yt is agreed and understood that the release of the $600,000. may be used by the City for the building of the golf course but the City may not LE required to use the $60D,000. for this purpose, and may use this sum in any way it deems appropriate. It is further agreed that under no circumstances will the sum be credited or repaid back to Missouri. 3. It is further agreed that all interim rent payments under the initial contract of June 7, 1993 and under the subsequent lease agreement of November 10, 1993, will continue. 4. The parties recognize that it is the position of the City that the 7Cemaxnder of the escrow deposit (56.000,0001 is due on c ate when t o 'n e i s b Missou ~ 'n t o C of Riverside. It is aareed that the 5600 000. shall_n4~ be required to be repaid to the escrow agent for subsequent payment to the Citv of Riverside. 5. The initial contract between the parties provided that the term of the lease begin on cor,~mencement date as defined in said contract. The parties mutually agree that the term of this lease is modified so as to begin on a date thirty (30) days after the avorable vote by the Citizens of the State ~pprovina th constitutional amendments which leaalizes dames of skill and chance by the citizens of the State of N.issour7i and py the City. if necessa~. F E B- 1 1- 9 4 F R I 1 1: 0 8 W Z T T~ H Z C K L I N /~ 4 /1 P _ 0 8 6. The City agrees to defer the Requirement of the posting of a $10,000,000. performance bond only until ninety (90) days after the favorable vote by the State and City leaalizina games of skill and chance which is presently anticipated to oocur on or about April 5, lyya. 7. The parties agree that all provisions of the initial agreement and amendments thereto shall remain in full force and effect except as expressly modified by this Amendment. CITY /O~,P RIVERSIDE~,'M/ISSOURI By ; Iv ~.G~/~^~ Mayor ATTE T: City Clerk MISSOURI GAMING COMPANY ,~ ~J i gy; ~„ ATTE6.'~.': ~. ' ~_._ Secretary FEB-il-94 FRI 11:09 WITTSHICKLIN I~"-~. STATE OF MISSOURI COUNTY OF PLATTE ss. 5 /~ P _ 0 9 On this ~~ day of February, 1994, before me appeared Betty Burch, to me personally known, who, being by me duly sworn, did say that she is the Mayor of the City of Riverside, a political subdivision, known to me to be the person and officer whose name is subscribed to the foregoing instrument, acknowledged to me that she exeouted the same for the purposes and consideration therein expressed, and as the free act and deed of said City, and in the capacity therein stated, all by authority of its Board of Aldermen. IN TESTIMONY WHEREOF, affixed my official seal at the day and year last above My commission expires: _...~..~ ~:s.r. i.~tuiy Public - State of Missouri Commissioned in Platte County '.;1+ Commission 5~:~+itee Dec. 21, 1991 I have hereunto set my hand and my office in said County and State writte~n/y~~ ~t~Y f li Notary ublic F E B- 1 1- 9 4 F R I 1 1. 0 9 W I T T~ H I C K L I N P_ 1 0 ~~ 6 STATE OF :~~ ~ +~~~~ ss. COUNTY OF jlkia~s~~ -> On this ~! t~ day of February, 1994, before me, appeared 1, -: < <"~ "~'~• ~ to me personally known, who being by me duly sworn, did say that he is the `J•f•? ~ 4• '~• o' of Missouri Gaming Company, that the seal affixed to the foregoing instrument is the Corporate seal of said corporation and that said instrument was signed and sealed in behalf Of Said corporation by authority of its BOdrd of Directors, and said vost~h cr slva~n acknowledged said instrument to be the free act and deed of said corporation. IN WITNESS WHEREOF, I have hereunto &et my hand and affixed my notarial seal at my office in said County and State, the day and year last above written. ~~ Notar- ~r~~li.c My commission expires: ^- `~ `~~ ` ""'"""""' e,~ .~ciAl. s~AL„ r'iioY S. HUBBAI:D NOTARi PUBIC-STATE Or ILLIf;01S No~SUPJ CU~iM Y. IL. NY CG.'. ~.^,'SS;UN EXPIRES DLC. 9, 1994