HomeMy WebLinkAbout11186RESOLUTION NO. 11186
A RESOLUTION APPROVING AN EXTENSION AGREEMENT EXTENDING THE TERM OF
THE MANAGEMENT AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION, AND
PUEBLO MOTORSPORTS, INC. AND AUTHORIZING THE PRESIDENT OF THE CITY
COUNCIL TO EXECUTE SAME
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Extension of the Agreement dated as of December 31,2007 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,
2008, 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
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 it.
INTRODUCED December 31, 2007
BY Randy Thurston
Councilperson
APPROVED: a
#?ESIDEINTof City Council
ATTESTED BY:
CITY CLERK
Res. � 128 0
EEVERE
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # 0
DATE: December 31, 2007
DEPARTMENT: OFFICE OF THE CITY MANAGER
DAVE GALLI, CITY MANAGER
DOUG FITZGERALD, ASSISTANT CITY MANAGER
THOMAS D. MARTINEZ. ASSISTANT CITY MANAGER FOR
CONTRACT SERVICES
TITLE
A RESOLUTION APPROVING AN EXTENSION AGREEMENT EXTENDING THE
TERM OF THE MANAGEMENT AGREEMENT BETWEEN PUEBLO, A MUNICIPAL
CORPORATION, AND PUEBLO MOTORSPORTS, INC. AND AUTHORIZING THE
PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME
ISSUE
There is a need to extend the Management agreement between the Pueblo
Motorsports, Inc. (PMI) 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.
There may be more changes to the land area that PMI leases from the City of Pueblo
that would be considered during 2008. The City may develop another lease before the
end of the year for a longer period of time to reflect a change in responsibilities for
maintenance of the area.
RECOMMENDATION
Approval of the Resolution.
FINANCIAL IMPACT
There is no financial impact to the City.
EXTENSION AGREEMENT
This Extension Agreement entered into as of December 31, 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 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, 2008,
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, 2008 upon the same covenants and provisions, except that the City may change
and modify the description of the Property, subject to the Management Agreement upon thirty
(30) days prior written notice given to PMI.
3. The Management Agreement as amended and extended by the provisions of this
Extension 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 MOTORSPORTS, INC. PUEBLO, A MUNICIPAL
CORPORATION �^
/ , UUJ
By Q aI/ ,
-- Presiirent of tVk City Council
ATTEST:
Secretty