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2020 -47 <br />�lW�NI <br />ALIK jj&jjj10WW <br />A RESOLUTION DESIGNATING RUSH STREET GAMING LLC AND ITS AFFILIATE <br />PORTSMOUTH GAMING HOLDINGS, LLC AS THE PREFERRED CASINO GAMING <br />OPERATOR FOR THE CITY OF PORTSMOUTH. <br />WHEREAS, the Economic Development Authority owns an approximately 50 acre site <br />with direct interstate access and highway visibility (the "Victory Site")- and <br />WHEREAS, by Resolution adopted on July 16. 2019, EDA authorized staff to market the <br />Victory Site for development of an entertainment district to include casino gaming (the "EDA <br />Resolution "), and <br />WHEREAS, by Resolution R -19 -25 adopted by City_ Council on July 23. 2019, the City <br />endorsed the EDA Resolution: and <br />WHEREAS, the Victory Site was successfully marketed by EDA and on November 18. <br />2019 FDA entered into a Memorandum of Understanding with Rush Street Gaming LLC for <br />development of the Victory Site as an entertainment district to include casino gaming, and City <br />Council authorized execution of a Cooperation Agreement between the City and EDA for the <br />Purpose of endorsing the MOU and supporting EDA's obligations thereunder; and <br />WHEREAS, during its 2020 session the Virginia General Assembly adopted final <br />legislation designating Portsmouth as one of five cities in the Commonwealth authorized to host a <br />casino (the "Act "); and <br />WHEREAS, a Development Agreement (the "Development Agreement ") has been <br />negotiated between EDA and Portsmouth Gaming Holdings, LLC (an affiliate of Rush Street <br />Gaming LLC): and <br />WHEREAS, Rush Street Gaining LI.0 and Portsmouth Gaming holdings, LLC are <br />collectively referred to herein as "Developer and <br />WHEREAS, the Development Agreement has been reviewed by City Council and was <br />approved by the EDA Board of Commissioners on May 19. 2020; and <br />WHEREAS, the Act requires that each host city submit its preferred casino gaming <br />operator to the Virginia Lottery Department for pre - approval; and <br />WHEREAS, as required by the Act, the Developer has submitted a proposal (-Proposal -) <br />to the City of Portsmouth stating its qualifications to serve as Portsmouth's preferred casino <br />gaming operator in accordance with the Development Agreement. and within the meaning of <br />Sections 58.1 -4100. et seq. of the Act: and <br />WHEREAS, City Council has reviewed the Proposal and given substantial weight to the <br />following factors: <br />