HomeMy WebLinkAbout09720RESOLUTION NO. 9720
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 November 25, 2002 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,
2004, 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 November 25, 2002
BY Al Gurule
Councilperson
";e APPROVED: P — ql e ` 3 —
resident of City Council
EXTENSION OF MANAGEMENT AGREEMENT
This Agreement entered into as of November 25, 2002, 2002 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 and an Extension Agreement dated September
10, 2001 (collectively the "Management Agreement "), and
WHEREAS, City and PMI are desirous of extending the term of the Management Agreement
to December 31, 2004,
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, 2004 upon the same covenants and provisions. The Management Agreement may be
extended for an additional one -year period upon mutual agreement and consent of City and PMI.
2. The Management Agreement as extended 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] [SEAL]
PUEBLO MOTORSPORTS, INC. PUEBL A MUNICIPAL CORPORATION
Pre ident President of the City Council
ATTEST: 6 ATTEST:
Secretary Secretary