2020 Resolutions - Laserfiche WebLink

Home Browse Search

R -20 -47 A RESOLUTION DESIGNATING RUSH STREET GAMING LLC AND ITS AFFILIATE PORTSMOUTH GAMING HOLDINGS, LLC AS THE PREFERRED CASINO GAMING OPERATOR FOR THE CITY OF PORTSMOUTH. WHEREAS, the Economic Development Authority owns an approximately 50 acre site with direct interstate access and highway visibility (the "Victory Site "); and WHEREAS, by Resolution adopted on July 1 h, 2019, EDA authorized staff to market the Victory Site for development of an cntertainmctit district to include casino gamine (the "FDA RcNolutlon "): and WHERE_kS, by Resolution R -19 -25 adopted by ('it} Council on Jule 2?. "019. the ('its cndor',cd the Rc,,01ut1011: and WHEREAS, the Victory Site was successfully marketed by EDA and on November 18, 2019 EDA entered into a Memorandum of Understanding with Rush Street Gaming LLC for development of the Victory Site as an entertainment district to include casino gaming, and City Council authorized execution of a Cooperation Agreement between the City and EDA for the purpose of endorsing the MOU and supporting EDA's obligations thereunder; and WHEREAS, during its 2020 session the Virginia General Assembly adopted final legislation designating Portsmouth as one of five cities in the Commonwealth authorized to host a casino (the "Act "); and WHEREAS, a Development Agreement (the "Development Agreement ") has been negotiated between EDA and Portsmouth Gaming Holdings, LLC (an affiliate of Rush Street Gaming LLC); and WHEREAS, Rush Street Gaming LLC and Portsmouth Gaming Holdings, LLC are collectively referred to herein as "Developer "; and WHEREAS, the Development Agreement has been reviewed by City Council and was approved by the EDA Board of Commissioners on May 19, 2020; and WHEREAS, the Act requires that each host city submit its preferred casino gaming operator to the Virginia Lottery Department for pre - approval; and WHEREAS, as required by the Act, the Developer has submitted a proposal ( "Proposal ") to the City of Portsmouth stating its qualifications to serve as Portsmouth's preferred casino gaming operator in accordance with the Development Agreement, and within the meaning of Sections 58.1 -4100, et seq. of the Act; and WHEREAS, City Council has reviewed the Proposal and given substantial weight to the following factors: