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42 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT <br />ON BEHALF OF THE CITY OF PORTSMOUTH, VIRGINIA, A MUNICIPAL <br />CORPORATION, WITH VIRGINIA RACING ASSOCIATES, L.P., A VIRGINIA <br />LIMITED PARTNERSHIP, TO ESTABLISH AND OPERATE A HORSE RACING <br />TRACK IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREASr the citizens of the City of Portsmouth by <br />overwhelming vote have by r~terendum shown pubtie support for a <br />horse racing track in the City of Portsmouth, Virginia; and <br /> <br /> WHEREAS, Virginia Racing Associates, L.P., a Virginia <br />Limited Partnership ("VRA"), has expressed an interest to locate <br />and operate a horse racing track in Portsmouth, Virginia; and <br /> <br /> WHEREAS, the City Council of the City of Portsmouth, <br />Virginia, believes that it is in the best interest of its <br />eit!zens and an enhancement to economic development and regional <br />cooperation to establish a horse racing track in the City of <br />Portsmouth, Virginia. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth~ Virginia, that the City Manager be and he hereby is <br />authorized to enter into an agreement of intent between the City <br />of Portsmouth, Virginia, a municipal corporation; and VRA in <br />accord with the following terms and conditions: <br /> <br />(t) <br /> <br />The City Council of the City of Portsmouth, Virginia, <br />hereby expresses its intent to induce the Sports <br />Authority of Hampton Roads or sueh other public <br />recreational facilities authority ("Authority") as may <br />participate in this project, to issue its revenue bonds <br />in an approximate amount of $35.0 to $38.0 Million, the <br />proceeds of which will be applied to certain facilities <br />in the City of Portsmouth, Virginia, which have public <br />purpose. The inducement will be in the form of the <br />City's agreement to guarantee such bonds subject to the <br />following terms and conditions: <br /> <br />(a) <br /> <br />Review and approval of a Financing Plan (including <br />a debt service reserve fund) as to content by the <br />City Manager, as to legal sufficiency by the City <br />Attorney and final approval of the City Council; <br /> <br />City Council's review and approval of the proposed <br />lease agreement and other necessary and required <br />agreements between the Authority and VRA or its <br />authorized assignee or assignees; <br /> <br />(~) <br /> <br />Receipt of an opinlon from the Bond Counsel of the <br />City that the Debt Guaranty is a valid and binding <br />obligation of thc City and is enforceable in <br />accordance with its terms~ <br /> <br /> <br />