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 _-