HomeMy WebLinkAbout09381RESOLUTION NO. 9381
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 September 10, 2001 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,
2002, 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: September 10, 2001
By: Rich Gol enda
APPROVED:
�Jid&t oft ..-CAy Council
ATTESTED B
City Clerk
EXTENSION OF MANAGEMENT AGREEMENT
This Agreement entered into as of September 10, 2001 between Pueblo, a Municipal
Corporation (the "City ") and Pueblo Motorsports, Inc. a Colorado Nonprofit Corporation (the
"PMI "), WITNESSETH
WHEREAS, City and PMI entered into a Management Agreement dated January 1, 1997
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, 2002,
NOW THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, City and PMI agree as follows:
1. The term and effective period of the Management Agreement is extended to
December 31, 2002 upon the same covenant and provision, except that Exhibit A to the Management
Agreement describing the land subject to the Management Agreement is amended to read:
All that portion of Section 16 and the NW 1/4 of Section 21, Township 20 South,
Range 65 West of the 6th P.M., Pueblo County, Colorado, acquired by the City from the
State of Colorado.
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.
LIM
ATTEST:
Secretary
[SEAL]
P A MUNI IRAIL CORPORATION
Ptesideh# of thO'City Council
A�EST:
Secreta
Background Paper for Proposed
RESOLUTION
AGENDA ITEM it i
DATE: September 10, 2001
DEPARTMENT: CITY ATTORNEY'S OFFICE
TOM JAGGER, CITY ATTORNEY
TITLE
A RESOLUTION APPROVING AN EXTENSION OF THE TERM OF THE
MANAGEMENT AGREEMENT BETWEEN PUEBLO, A MUNICIPAL
CORPORATION, AND PUEBLO MOTORSPORTS, INC.
ISSUE
Should the PMI management agreement be extended one year?
BACKGROUND
The January 1, 1997, PMI management agreement for a portion of the Honor Farm
property now owned by the City expires December 31, 2001. PMI has requested an
extension of the management agreement. Pending a study to determine the future use of
the property now in City ownership, City staff recommends a one -year extension of the
agreement to December 31, 2002.
RECOMMENDATION
City Administration recommends that the PMI management agreement be extended for
one year to December 31, 2002.
FINANCIAL IMPACT
There is no financial impact.