HomeMy WebLinkAboutR-2007-088 Dania Jai Alai Designated Account RESOLUTION NO. 2007-088
A RESOLUTION OF THE CITY OF DANIA BEACH, FLORIDA, DIRECTING
THE ESTABLISHMENT BY THE CITY FINANCE DIRECTOR OF A
DESIGNATED ACCOUNT IN CONNECTION WITH THE RECEIPT OF
REVENUE TO BE DERIVED FROM THE "DANIA JAI ALAI"
PARIMUTUEL OPERATION, TO BE REDEVELOPED AT THE SITE
KNOWN AS "DANIA JAI ALAI", SUBJECT TO CERTAIN CONDITIONS;
PROVIDING FOR CONFLICTS; FURTHER, PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, pursuant to a January 25, 2005 Agreement executed by Broward County
and the Aragon Group, Inc. ("Aragon") d/b/a Dania Jai Alai, a division of the Aragon Group,
Inc., and Summersport Enterprises, LLP ("Summersport"), the City will receive revenue based
upon percentages of slot machines' revenue derived from operations at the Dania Jai Alai site
which site is now owned and will be redeveloped and operated by Boyd Gaming, Inc.; and
WHEREAS, it is the intent of the City Commission that such revenue be earmarked to
pay for costs associated with impacts arising from the redeveloped property, including but not
limited to, the need for increased police and fire protection, emergency responses, traffic control
and traffic calming measures, for a minimum period of five (5) years, and that a special
"designated account" will be established to account for any additional revenue received from the
pari-mutuel operation. This will give the City an opportunity to identify the costs of such
impacts and to ensure that funding will be available to address them and mitigate them;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That a reserve fund shall be established by the City Finance Director, to be
known as the "Dania Jai Alai Designated Account", to be funded from revenue derived from slot
machines to be paid to the City by the current property owner, Boyd Gaming, Inc., pursuant to
the Agreement between Broward County and the Aragon Group, Inc., d/b/a Dania Jai Alai, a
division of the Aragon Group, Inc., and Summersport Enterprises, LLP; Boyd Gaming, Inc. is
the successor to Aragon and Summpersport and is the current party in interest.
Section 2. That the City Commission has determined that such fund shall be in
existence for a period of five (5) years from the date such revenue is first received by the City.
Section 3. That the Designated Account shall not be altered or this Resolution amended,
as to the existence of the Account and the use of its revenue, unless approved by the vote of four
(4) members of the City Commission.
Section 4. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 5. That this Resolution shall be in force and take effect immediately upon its
passage and adoption.
PASSED AND ADOPTED on May 8, 2007.
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A01f A TON
MAYOR-COMMISSIONER
ATTEST:
A 1 J
LO ISE STILSON, CMC
CITY CLERK
APPROVED AS TO F�^� D CORRECTNESS
BY:
TH MA J. AiVSBRO
CITY ATTORNEY
2 RESOLUTION#2007-088