HomeMy WebLinkAbout10175RESOLUTION NO. 10175
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 July 12, 2004 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,
2006, 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 July 12, 2004
BY Michael Occhiato
Councilperson
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM # G
DATE: July 12, 2004
DEPARTMENT: CITY MANAGER'S OFFICE
LEE R. EVETT, CITY MANAGER
DAVID J. GALLI, DEPUTY CITY MANAGER
TITLE
A RESOLUTION APPROVING AN EXTENSION OF THE TERM OF THE
MANAGEMENT AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION,
AND PUEBLO MOTORSPORTS, INC.
ISSUE
Currently there is a management agreement between the City and Pueblo
Motorsports, Inc. (PMI) for the operation of the motorsports facility located on the
Honor Farm property. The current management agreement expires December
31, 2004. The existing agreement provides for a one -year extension of the
management agreement; however, PMI has requested that the agreement be
extended for longer than one year so they can plan for future events.
The City is still in the process of masterplanning the future development of the
Honor Farm property now that the City has obtained ownership from the State.
Pending this study, the City is recommending a two -year extension of the
agreement to December 31, 2006. This should provide the City additional time to
continue the planning study as well as provide PMI the opportunity to plan events
into the future.
RECOMMENDATION
Approval of the Resolution.
FINANCIAL IMPACT
There is no financial impact to the City.
EXTENSION OF MANAGEMENT AGREEMENT
This Agreement entered into as of July 12, 2004 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 Extension Agreements dated September
10, 2001 and November 25, 2002 (collectively the "Management Agreement "), and
WHEREAS, City and PMI are desirous of extending the term of the Management Agreement
to December 31, 2006,
NOW THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, City and PMI agree as follows:
1. Since the execution of the Management Agreement, City has acquired title to the
Property from the State of Colorado, and entered into a Conservation Easement with respect to the
Property and its use. Therefore, whenever the term "Lease" is used in the Management Agreement
it shall mean the Conservation Easement.
2. The term and effective period of the Management Agreement is extended to
December 31, 2006 upon the same covenants and provisions.
3. The Management Agreement as amended and extended by the provisions of this
Extension of Management Agreement 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 MOT1 INC. PUEBLO A MUNICIPAL=, CO TION
B By
Pr e t President ofthe City Council
ATTEST: ATTEST:
Secretary Secretary