HomeMy WebLinkAbout1995-01 - Boomtown MoRESOLUTION NO. ~ ~- 9~
A RESOLUTION ENDORSING BOOMTOWN MISSOORI~ INC.'c ("BOOMTOWN")
APPLICATION FOR LICENSE TO OPERATE A RIVERBOAT GAMING FACILITY IN
THS CITY OF RIVERSIDE (THE "CITY") SUBJECT TO THS FINAL
NEGOTIATION AND ADTHORI2ATION OF A DEVELOPMENT AGREEMENT BETWEEN
THE CITY AND BOOMTOWN REGARDING CERTAIN POBLIC IMPROVEMENTS (THE
"DEVELOPMENT AGREEMENT").
WHEREAS, Boomtown Missouri, Inc. ("Boomtown") intends to
file its Application for License with the Missouri Gaming
Commission (the "Commission") to operate a riverboat and
entertainment facility within the corporate limits of the City of
Riverside (the "City") (the "Boomtown Riverboat"); and
WHEREAS, in conjunction with its Application for License to
the Commission, Boomtown seeks the formal endorsement of the
Board of Aldermen of the City for the operation of the Boomtown
Riverboat (the "Formal Endorsement"); and
WHEREAS, in conjunction with and as a condition to the
Formal Endorsement, Boomtown seeks to negotiate with the Board of
Aldermen of the City a Development Agreement defined herein; and
WHEREAS, the Development Agreement shall secure Boomtown's
obligation to fund up to approximately $14,000,000 in public
infrastructure projects within the City including the
construction of an interchange off I-635, the improvement of the
Quindaro Bend Levee and the construction of certain sewer lines,
water lines and roads, both within and adjacent to the Boomtown
Riverboat; and
WHBRSAS, this Resolution represents the preliminary
endorsement of Boomtown by the City, which endorsement shall be
supplemented by a Formal Endorsement at such time as the
Development Agreement has been finally negotiated and authorized
according to the general terms contained herein (the "Preliminary
Endorsement").
NOW, THEREFORE, BS IT RESOLVED BY THS BOARD OF ALDERMEN OF THE
CITY OF RIVERSIDE AS FOLLOWS:
1. The Board of Aldermen of the City endorses Boomtown's
Application for License to the Commission as evidenced by this
Preliminary Endorsement, subject to the final negotiation and
authorization of the Development Agreement.
2. The Board of Aldermen of the City hereby authorizes the
final negotiation of the Development Agreement based upon the
terms contained herein.
3. The Board of Aldermen of the City shall issue a Formal
Endorsement of Boomtown upon the final negotiation and
authorization of the Development Agreement.
PASSED AND APPROVED THIS 17TH DAY OF JANDARY, 1995.
Mayor
ATTEST:
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City Clerk