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HomeMy WebLinkAbout10908RESOLUTION NO. 10908 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 January 8, 2007 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, 2007, 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 January 8, 2007 BY Judy Weaver Councilperson APPROVED: �•� President of Cit Council ATTESTED BY: CITY CLERK r�cso4� ) O?DS -� Background Paper for Proposed RESOLUTION RESOLUTION AGENDA ITEM # (,o DATE: January 8, 2007 DEPARTMENT: OFFICE OF THE CITY MANAGER DAVE GALLI, CITY MANAGER DOUG FITZGERALD, ASSISTANT CITY MANAGER THOMAS MARTINEZ, ASSISTANT CITY MANAGER FOR CONTRACT SERVICES TITLE A RESOLUTION APPROVING AN EXTENSION TO THE TERM OF THE MANAGEMENT AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION, AND PUEBLO MOTORSPORTS, INC. ISSUE There is a need to extend the Management agreement between the Pueblo Motorsports, Inc. and the City of Pueblo for the operation of the motorsports facility located on the Honor Farm property. The proposed agreement provides for an extension of the management agreement for another year. The City is anticipating that the Master Plan for the uses on the Honor Farm will be finished by May of 2007. After the completion of the Master Plan, a long -term agreement may be considered that would reflect the recommendations of the Plan along with the activities and objectives of Pueblo Motorsports, Inc. RECOMMENDATION Approval of the Resolution. FINANCIAL IMPACT There is no financial impact to the City EXTENSION AGREEMENT This Agreement entered into as of January 8, 2007 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 From 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, 2007, 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, 2007 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] A 1, City (& rk PUEBLO, A MUNICIPAL CORPORATION By President of the City Council [ SEAL Attest: �� jU Lqa�� Name: L/ rry) I G C.nr4rera c Title: S Cr— t?CT R- X PUEBL MOTORSPORTS IN 1 1 .1 I /'