Loading...
HomeMy WebLinkAbout7830RESOLUTION NO. 7g A RESOLUTION APPROVING AN EXTENSION OF THE TERM OF THE MANAGEMENT AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND PUEBLO MOTORSPORTS, INC. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Extension of Management Agreement dated March 25, 1996 between Pueblo, a Municipal Corporation and Pueblo Motorsports, Inc. extending the term and effective period of the Management Agreement with respect to a portion of the Honor Farm property to December 31, 1996, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. SECTION 2. The President of the City Council is authorized to execute and deliver the Extension of Management Agreement in the name of the City and the City Clerk is authorized and directed to affix the seal of the City thereto and attest same. INTRODUCED MARCH 25, 1996 By Al Gurule Councilperson ATTEST: APPROVED: City Cle Presid t of the City Council EXTENSION OF MANAGEMENT AGREEMENT This Agreement entered into as of March 25, 1996 between Pueblo, a Municipal Corporation (the "City ") and Pueblo Motorsports, Inc. a Colorado Nonprofit Corporation (the "PMI"), WI"INESSETH WHEREAS, City and PMI entered into a Management Agreement dated November 25, 1974 with respect to a portion of the Honor Farm property (the "Management Property "), and WHEREAS, City and PMI are desirous of extending the term of the Management Agreement to December 31, 1996, NOW THEREFORE, in consideration of the foregoing and mutual covenants contained herein, City and PMI agree as follows: I . The term and effective period of the Management Agreement is extended to December 31, 1996 upon the same covenant and provision, except that the Management Agreement shall in all respects be subject and subordinate to the Lease Agreement dated April 10, 1995 between the State of Colorado and the City of Pueblo relating to the Honor Farm property including the property which is subject to the Management Agreement. 2. The Management Agreement as amended by the provisions of paragraph 1 hereof shall remain in effect and be binding upon and inure to the benefit of the City and PMI and their respective successors and assigns. Executed at Pueblo, Colorado the day and year first above written. [SEAL] Pueblo Motorsports, Inc. A [SEAL] Pueblo, a Municipal Corporation By Presid t of the City Council ATTEST: Secretar B t° zt President _-