EXHIBIT 10.1
FOURTH AMENDMENT TO
HAMMOND RIVERBOAT GAMING PROJECT
DEVELOPMENT AGREEMENT
This FOURTH AMENDMENT TO HAMMOND RIVERBOAT GAMING PROJECT
DEVELOPMENT AGREEMENT (the "Fourth Amendment"), made as of the 26th day of
October, 2001 (the "Effective Date"), by and among THE CITY OF HAMMOND, INDIANA,
a municipal corporation (the "City"), THE CITY OF XXXXXXX, DEPARTMENT OF
REDEVELOPMENT (the "Redevelopment Commission"), THE CITY OF XXXXXXX PORT
AUTHORITY ("PORT AUTHORITY"), and THE CITY OF XXXXXXX REDEVELOPMENT AUTHORITY
("Redevelopment Authority"), and HORSESHOE XXXXXXX, INC., formerly known as
EMPRESS CASINO XXXXXXX CORPORATION (the "Developer"), WITNESSES THAT:
RECITALS
A. On or about June 21, 1996, the City and Developer entered into
the Hammond Riverboat Gaming Project Development Agreement (the "Contract"),
under which the Developer agreed, among other things, to plan and construct a
riverboat gaming facility and related improvements (the "Casino") on Lake
Michigan and certain property in Hammond, Indiana.
B. On or about November 17, 1995, the Indiana Gaming Commission
(the "IGC") awarded a Certificate of Suitability to the Developer for an owner's
license to own and operate a riverboat casino on Lake Michigan from the City of
Hammond, Indiana. The Certificate of Suitability was subsequently extended by
IGC Resolution 1996-28 (the Certificate of Suitability as extended by Resolution
1996-28 is hereinafter referred to as the "Suitability Certificate").
C. Upon satisfaction and completion of the items and conditions
outlined and referred to in the Suitability Certificate, the Developer was
issued an owner's license as defined in Indiana Code Section 4-33-2-15 (the
"Owner's License") that allows the Developer to own and operate a riverboat
casino on Lake Michigan from the City of Hammond, Indiana.
D. On or about August ____, 1999, the City and Developer amended
and modified the Contract pursuant to the terms and conditions of that certain
First Amendment to Hammond Riverboat Gaming Project Development Agreement (the
"First Amendment"); on or about August __, 1999, the City, Redevelopment
Commission, City of Xxxxxxx, Department of Water Works and Developer amended and
modified the Contract pursuant to the terms and conditions of that certain
Second Amendment to Hammond Riverboat Gaming Project Development Agreement (the
"Second Amendment"); on or about December __, 2000, the City, Redevelopment
Commission and Developer amended and modified the Contract pursuant to the terms
and conditions of that certain Third Amendment to Hammond Riverboat Gaming
Project Development Agreement (the "Third Amendment") (the Contract as amended
and modified by
the First Amendment, Second Amendment, Third Amendment and this Fourth Amendment
is referred to herein as the "Agreement").
E. On or about May 25, 1999, the Redevelopment Authority acquired
that certain parcel of real estate which is described on Exhibit "A" attached
hereto and made a part hereof (the "Marina Parcel"). On or about April 15, 1999,
the Redevelopment Authority leased the Marina Parcel to the Redevelopment
Commission. On or about April 15, 1999, the Redevelopment Commission and the
Port Authority entered into an Operating Agreement pursuant to which the Port
Authority is operating the Marina.
F. On or about _December 1, 1999, Horseshoe Xxxxxxx, Inc.
acquired all right, title and interest of Empress Casino Hammond Corporation
under the Agreement and assumed all obligations of Empress Casino Hammond
Corporation under the Owner's license and the Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing premises, the
mutual covenants of the parties herein contained, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
City, Redevelopment Commission, Redevelopment Authority, Port Authority and
Developer agree as follows:
1. Amendment. This Fourth Amendment is intended to confirm and
ratify the terms of the Agreement, except as specifically provided herein to the
contrary, in which case the provisions of this Fourth Amendment shall prevail.
The foregoing Recitals are affirmed by the parties and incorporated herein by
this reference.
2. Marina Parcel Sublease. The parties hereto mutually agree and
acknowledge that the refund date for the Marina Sublease Deposit and the due
date for the Note shall be extended from January 15, 2002, to May 15, 2002.
3. Option to Lease Marina Parcel.
(a) For such consideration as hereinafter set forth, the
Redevelopment Commission hereby grants to the Developer
an exclusive and irrevocable option (the "Option") to
lease that portion of the Marina Parcel which is
described and/or depicted on Exhibit "B" attached hereto
and made a part hereof (the "Option Area"), upon the
terms and conditions hereinafter set forth. The
Developer's right to exercise the Option shall commence
upon the Effective Date and shall expire on the tenth
(10th) anniversary of the Effective Date. The Developer
may exercise, from time to time, the Option with respect
to all of the Option Area or with respect to portions of
the Option Area designated by the Developer at the time
of the exercise; provided, however, that any portion of
the Option Area as to which the
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Option has not been exercised shall contain at least one
(1) acre and have vehicular and pedestrian access to
Casino Center Drive. The Option shall be exercised by
written notice from the Developer to the Redevelopment
Commission prior to the expiration of the Option and
specifying by metes and bounds description the portion
of the Option Area affected thereby.
(b) The Developer hereby exercises the Option with respect
to that portion of the Option Area which is described
and/or depicted on Exhibit "C" attached hereto and made
a part hereof (the "Valet Parking Area") for the purpose
of constructing a surface parking lot for approximately
two hundred sixty-two (262) (or such greater number as
the Developer determines can be located on the Valet
Parking Area) vehicles. The Developer shall apply for
and obtain such permits, approvals and authorizations
and take such other actions as required to commence and
complete construction of an asphalt surfaced parking lot
on the Valet Parking Area. The City, Redevelopment
Commission, Redevelopment Authority and Port Authority
(the "Units") shall, to the extent permitted by
Applicable Laws and without material cost to any of the
Units, cooperate with the Developer in the obtaining of
such permits, approvals and authorizations. The
Developer shall be responsible for the fees payable to
the permitting authority for any such permits, approvals
and authorizations. Prior to the commencement of the
construction of an asphalt paving lot on the Valet
Parking Area, the Developer shall, after consultation
with the City's engineers and consultants, submit a
final site plan to the City and Port Authority of the
improvements to be constructed on the Valet Parking Area
showing the location and intended striping of the
parking surface, drainage, access to adjoining roads,
landscaping and other amenities, which site plan shall
be subject to the prior written approval of the City and
Port Authority. Such approval shall not be unreasonably
withheld or delayed provided that an Event Default does
not then exist under this Agreement and the improvements
depicted in such site plan do not unreasonably interfere
with the operation of the Marina or access to or use of
the existing building occupied by the Yacht Club and
located on the Option Area (the "Yacht Club") or the
existing building occupied by the Port Authority and
located on the Option Area (the "Port Authority
Building"). The surface parking lot shall be constructed
in compliance with the approved site plan and all
Applicable Laws. Notwithstanding anything to the
contrary in this Fourth Amendment, (i) the Developer's
right to use the Valet Parking Area shall be subject to
the terms and conditions of the Intergovernmental Lease
and Parking Plan (as such terms are hereinafter
defined), and (ii) the Developer may not construct any
improvements (including, without limitation, a surface
parking lot) on the Valet Parking Area until after the
Permanent Ramp is constructed, accessible by the public
and functioning as intended.
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(c) The Developer shall construct an above ground parking
structure on the Valet Parking Area or the Alternative
Parcel. The Developer shall construct one (1)
free-standing, above ground parking structure on either
of the Alternative Parcel or the Valet Parking Area, but
shall not be permitted to construct a structure
containing only a free-standing, above ground parking
structure on both the Valet Parking Area and the
Alternative Parcel. The Developer may construct a second
(2nd) above ground parking structure on either of the
Alternative Parcel or the Valet Parking Area so long as
one of such structures is a part of and accessory to a
facility for other uses permitted by this Agreement. If
an above ground parking structure is constructed on the
Alternative Parcel, such above ground parking structure
shall be constructed in accordance with the requirements
of the Agreement. If an above ground parking structure
is constructed on the Valet Parking Area, such above
ground parking structure shall not exceed five (5)
parking levels in height and shall be constructed in
accordance with the requirements of the Agreement. The
Developer shall commence the construction of an above
ground parking structure on the Valet Parking Area or
the Alternative Parcel on or before December 31, 2002.
The Developer shall commence the construction of an
entertainment/banquet venue or hotel, or with the
written approval of the City, the Redevelopment
Commission and the Port Authority (which approval may be
withheld in the sole discretion of the City, the
Redevelopment Commission and the Port Authority), some
other facility atop the parking structure on the Valet
Parking Area or the Alternative Parcel on or before
December 31, 2003. That portion of the Valet Parking
Area described and depicted as Parcel 1 on Exhibit "C"
attached hereto and made a part hereof may be used for
banquet, entertainment, retail, restaurant, gaming,
gaming offices, parking and/or hotel purposes only and
for such other purposes which are approved in writing by
the City, Redevelopment Commission and Port Authority,
which approval may be withheld in the sole discretion of
the City, Redevelopment Commission and Port Authority.
That portion of the Valet Parking Area which is
described and depicted as Parcel 2 on Exhibit "C" may be
used only for parking and ingress and egress purposes
and for such other purposes which are approved in
writing by the City, Redevelopment Commission and Port
Authority, which approval may be withheld in the sole
discretion of the City, Redevelopment Commission and
Port Authority. Prior to the commencement of the
construction of any improvements on the Valet Parking
Area (other than those improvements which are approved
pursuant to Paragraph 3 (b)), the Developer shall, after
consultation with the City's engineers and consultants,
submit Plans and Specifications for such improvements to
the City, Redevelopment Commission and Port Authority
for their prior written approval. Such approval shall
not be unreasonably withheld or delayed provided that an
Event of Default does not then exist under this
Agreement and the improvements depicted in such Plans
and Specifications do not unreasonably interfere with
the
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operation of the Marina or access to or use of the Yacht
Club or Port Authority Building. The Developer shall
apply for and obtain such permits, approvals and
authorizations and take such other actions as required
to commence and complete construction of any such
improvements. The Units shall, to the extent permitted
by Applicable Laws and without material cost to any of
the Units, cooperate with the Developer in the obtaining
of such permits, approvals and authorizations. Any
improvements constructed on the Valet Parking Area shall
be constructed in compliance with the approved Plan and
Specifications and all Applicable Laws.
(d) That portion of the Option Area remaining after
excepting therefrom the Valet Parking Area, may be used
for retail or restaurant purposes only and for such
other purposes which are approved in writing by the
City, Redevelopment Commission and Port Authority, which
approval may be withheld in the sole discretion of the
City, Redevelopment Commission and Port Authority. The
Developer acknowledges that in seeking such approval any
contemplated use shall not interfere with the operation
of the Marina or access to or use of the existing Yacht
Club or Port Authority Building. Prior to the
commencement of the construction of any improvements on
that portion of the Option Area remaining after
excepting therefrom the Valet Parking Area, the
Developer shall, after consultation with the City's
engineers and consultants, submit Plans and
Specifications for such improvements to the City,
Redevelopment Commission and Port Authority for their
prior written approval. Such approval shall not be
unreasonably withheld or delayed provided that an Event
of Default does not then exist under this Agreement and
the improvements depicted in such Plans and
Specifications do not unreasonably interfere with the
operation of the Marina, access to and the proper
functioning of the existing boat ramp (unless the
Permanent Ramp has been constructed and is functioning
as intended) or access to or use of the Yacht Club or
Port Authority Building. The Developer shall apply for
and obtain such permits, approvals and authorizations
and take such other actions as required to commence and
complete construction of any such improvements. The
Units shall, to the extent permitted by Applicable Laws
and without material cost to any of the Units, cooperate
with the Developer in the obtaining of such permits,
approvals and authorizations. Any improvements
constructed on balance of the Option Area shall be
constructed in compliance with the approved Plans and
Specifications and all Applicable Laws.
(e) Within a reasonable time after the Effective Date, (i)
the Redevelopment Commission and Port Authority shall
enter into an amendment to the Intergovernmental Lease
Agreement and Grant of Easement dated August __, 1999
("Intergovernmental Agreement") between the
Redevelopment Commission and Port Authority to modify
Paragraph 4 of the
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Intergovernmental Agreement, to incorporate the terms of
the "Proposed Parking Plan" described in Exhibit "D"
attached hereto and made a part hereof (the "Parking
Plan"), and (ii) the applicable Units and the Developer
shall agree upon and document cross-easements in favor
of the public and appropriate governmental authorities
for vehicular and pedestrian access by the public to the
Marina, existing boat ramp and related improvements
(until the Permanent Ramp has been constructed and is
functioning as intended), Yacht Club and Port Authority
Building. The Developer acknowledges and agrees that it
shall provide Port Authority with three hundred (300)
parking spaces on the first (1st) floor of any above
ground parking structure constructed on the Valet
Parking Area with admission via parking passes or
permits at no cost, expense or fee to Port Authority for
use by such guests, visitors, patrons and other users of
the Marina and surrounding areas as may be designated by
Port Authority, and that such spaces on the first floor
of such structure shall have a separate entrance and be
segregated from other parking spaces in such structure.
(f) As consideration for the granting of the Option and the
respective agreements of the other parties hereto, the
Developer has previously paid the aggregate sum of Seven
Million Dollars ($7,000,000.00) to the entities in the
respective amounts set forth on Schedule I attached
hereto and made a part hereof and agrees to pay an
additional Seven Million Dollars ($7,000,000.00) in the
aggregate on or before February 8, 2002 to the entities
in the amounts set forth on Schedule II attached hereto
and made a part hereof (the "Cash Consideration"). The
City, on behalf of the entities set forth on Schedule I,
acknowledges receipt of the first installment of the
Cash Consideration. The City, Redevelopment Authority,
Redevelopment Commission and Port Authority each
acknowledge that it is receiving adequate consideration
for its respective agreements hereunder (including,
without limitation, the granting of the Option) and will
be benefited by the payment of the Cash Consideration to
the entities set forth in Schedules I and II. The Cash
Consideration is nonrefundable and is deemed earned by
the City regardless of whether the Developer exercises
the Option or constructs any improvements on the Option
Area and regardless of whether the Option is terminated,
discontinued or cancelled by the Developer at any time
or for any reason. The Cash Consideration constitutes
funding for commercial, residential and recreational
projects and programs benefiting the City of Hammond,
Indiana. As additional consideration for the Option, the
Developer agrees, at its sole expense, to perform the
following:
(i) Relocate the existing boat ramp and related
improvements (including, without limitation, the
step crane and fish cleaning station) to a
permanent location approved by the City,
Redevelopment Commission and Port Authority (the
"Permanent
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Location"). Such relocated boat ramp and related
improvements (the "Permanent Ramp") shall be
comparable in size, quality, function and
amenities to the existing boat ramp and shall be
constructed in accordance with Plans and
Specifications prepared by the Developer and
approved by the City, Redevelopment Commission
and Port Authority. The approval of the City,
Redevelopment Commission and Port Authority as
to the Permanent Location and the Plans and
Specifications for the Permanent Ramp shall not
be unreasonably withheld or delayed. Such
construction shall commence as soon as possible
after the Permits (as herein defined) are
obtained by the City and all other permits,
approvals and authorizations are obtained by the
Developer, and shall be completed by no later
than six (6) months after commencement of
construction. It is the intention of the parties
hereto that the construction of the Permanent
Ramp will be completed by no later than April
15, 2003. To the extent permitted by Applicable
Laws, the City, Redevelopment Commission and
Port Authority shall grant, and shall use their
best efforts to cause any other appropriate
governmental entity to grant, a right of entry,
license, or other appropriate authorization to
permit the Developer to enter upon the Permanent
Location to construct the Permanent Ramp. The
City shall apply for and be responsible for
obtaining permits and approvals from the U.S.
Army Corp of Engineers and any other
governmental agency for the relocation of the
existing boat ramp and relocated improvements to
the Permanent Location (the "Permits"), and the
Developer shall apply for and be responsible for
obtaining all other permits, approvals and
authorizations for such relocation. The
Developer shall reimburse the City for the
reasonable costs and expenses (including
attorneys' fees) incurred by the City in
connection with applying for and obtaining the
Permits. The Units shall, to the extent
permitted by Applicable Laws and without
material cost to any of the Units, cooperate
with the Developer in obtaining such other
permits, approvals and authorizations. The City
shall use all reasonable efforts to obtain and
diligently pursue the Permits, and the Developer
shall use all reasonable efforts to obtain and
diligently pursue all such other permits,
approvals and authorizations. The Developer
agrees that the existing boat ramp and related
improvements will remain accessible to the
public and function as intended until the
construction of the Permanent Ramp is completed
and the Permanent Ramp is accessible by the
public and functions as intended.
(ii) In the event the Developer exercises the Option
with respect to the area occupied by the
existing Port Authority Building and related
amenities, the Developer shall, at its sole
expense, provide
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alternative space to Port Authority comparable
to the existing Port Authority Building and
related amenities, either to the west in a stand
alone structure in an area approved by the City
and Port Authority or in a portion of a
structure constructed by the Developer approved
by the City and Port Authority. The Developer
may, at its election, carve out the existing
Port Authority Building and related amenities
from the Option Area and allow it to remain by
operating or building around it. In such event,
the Developer shall assure Port Authority by
easement or other appropriate documentation of
adequate access and parking facilities
comparable to the access and parking facilities
currently enjoyed by Port Authority in
connection with Port Authority Building.
(iii) The Developer shall pay a security deposit in
the amount of Three Million Two Hundred Fifty
Thousand Dollars ($3,250,000.00) to the City or
its designee within ninety (90) days after the
date hereof, in connection with the Developer's
rights under the Option and the ensuing Lease
(the "Security Deposit"). The Security Deposit
shall earn interest in increments at the
respective interest rates set forth on Schedule
IV attached hereto, with interest paid to the
Developer on each such increment semi-annually
and as otherwise set forth on Schedule IV
attached hereto. The principal amount of the
Security Deposit shall be returned to the
Developer in increments on the respective payoff
dates set forth for each such increment on
Schedule IV attached hereto.
(iv) The Developer acknowledges that, absent certain
"remedial action", the proposed activities of
the Developer contemplated by this Fourth
Amendment will adversely affect the tax
exemption of the existing Hammond Redevelopment
Authority Lease Rental Revenue Bonds of 1999
issued to refinance previously issued bonds that
financed a portion of the construction of the
Xxxxxxx Xxxxxx (the "Xxxxxx Xxxxx"). The
Developer acknowledges that the Units have taken
certain "remedial actions" based on the
Developer's expected activities as contemplated
by this Fourth Amendment and that additional or
different activities by the Developer may
require additional actions to be taken by the
Units to preserve and maintain the tax exemption
on the Xxxxxx Xxxxx. The Developer shall be
responsible for (a) all current and continuing
reasonable expenses of the legal and financial
advisors of the City, Redevelopment Authority,
Redevelopment Commission and Port Authority in
connection with maintaining the continuing tax
exemption of the interest on the Xxxxxx Xxxxx
under federal and state law as a result of the
actions of the Developer contemplated or
permitted by this Fourth Amendment,
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and (b) implementing the recommendations of such
legal and financial advisors to maintain the
continuing tax exemption of the interest on the
Xxxxxx Xxxxx under federal and state law as a
result of the action of the Developer
contemplated or permitted by this Fourth
Amendment.
4. Lease Amendment. Upon exercise of the Option from time to
time, either as to all or a part of the Option Area, the Redevelopment
Commission shall offer that portion of the Option Area as to which the Option
has been exercised for lease pursuant to the provisions of Applicable Laws, and
as a requirement for submitting a bid to lease such parcel, a bidder must have
received a License for the operation of a riverboat on Lake Michigan from
Hammond, Indiana. The Redevelopment Commission shall commence proceedings for
the lease of the portion of the Option Area as to which the Option has been
exercised as soon as is practical after the Developer exercises the Option with
respect to all or a portion of the Option Area. In the event that the Developer
is the successful bidder and to the extent permitted by Applicable Laws, that
certain Lease dated June 19, 1996 by and between Redevelopment Commission and
the Developer shall be amended to add to the leased premises thereunder that
portion of the Option Area subject to such exercise for the balance of the term
thereof and without the payment of additional rent or other consideration.
5. Cooperation. Subject to Section 11.09 of the Agreement and to
the extent permitted by Applicable Laws, the City, Port Authority, Redevelopment
Authority and Redevelopment Commission will cooperate with the Developer in
connection with, and will support the Developer's application for, zoning
changes, permits and other regulatory approvals required in connection with the
Developer's proposed use and development of the Option Area in accordance with
the terms hereof. Any cost associated therewith shall be the responsibility of
the Developer. The Developer acknowledges that various federal, state or local
approvals may be required by the Developer and that there is no assurance that
such approvals can be obtained. The obligations of the Developer to pay the Cash
Consideration hereunder are not conditioned upon the Developer obtaining any
required approvals. The Developer shall cause its architects, engineers and
other professionals to furnish such plans, specifications and drawings to the
City and Redevelopment Commission in such detail as required to permit review
thereof for purposes of obtaining such approvals as herein required.
6. Obligations. Section 5.13(c) of the Agreement, as added by the
First Amendment and previously amended by the Third Amendment, is hereby amended
to reflect the following: First, that the Developer has purchased the BANs (as
defined in the First Amendment) and the City has repaid the BANs in full, and
that the Developer has purchased the Obligations (as defined in the First
Amendment) and that the City has repaid the Obligations in full; and Second,
that new Sections 5.13(c)(iv) and (v) be added to the Agreement as follows:
(iv) Upon repayment of the Obligations in full by the City,
the City, or any agency or instrumentality thereof or
other corporation or entity that issues obligations on
behalf of the City or any agency or instrumentality
thereof (an "Issuer"), may borrow or reborrow amounts
from the Developer, and the Developer hereby agrees to
loan such funds to the City. The Issuer
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agrees to provide the Developer with not less than ten
(10) business days written notice of its request for the
Developer to borrow or reborrow such funds. The terms of
any such borrowing shall be as follows:
(v) the borrowing shall be evidenced by one or more notes
issued by an Issuer (the "Notes") which Notes shall
authorize the Issuer to borrow funds from time to time
(each such borrowing, a "Draw"), to repay outstanding
amounts from time to time and to reborrow funds pursuant
to a Draw, up to the amount authorized to be outstanding
pursuant to subsection (w);
(w) the total principal amount of all such Notes outstanding
at any one time shall not exceed the amounts, as of the
dates, set forth below:
Maximum Principal
Date Amount Outstanding
---- ------------------
January 15, 2002 2,900,000
January 15, 2003 2,700,000
January 15, 2004 2,500,000
January 15, 2005 2,300,000
January 15, 2006 2,100,000
January 15, 2007 1,800,000
January 15, 2008 0
(x) the Notes shall bear interest from the date of any Draw
at a taxable rate of five percent (5%) per annum,
payable semi-annually on January 15 and July 15 of each
year, commencing on the first interest payment date
after the Draw;
(y) principal of the outstanding Notes shall be repaid in
such a manner that the principal amount of Notes
outstanding at any time does not exceed the amounts set
forth in subsection (w); and
(z) the Notes shall be issued in denominations of not less
than $100,000, and at the time of delivery of such
Notes, The Developer shall deliver to the Issuer a
"sophisticated investor letter" in form and content
similar to those rendered in other private placements of
municipal obligations, and acknowledging, among other
things, that the Developer intends to hold the Notes for
its own account
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and has no present intention to re-offer, sell or
otherwise distribute such Notes.
(v) The City acknowledges and agrees upon the non-payment of
any amount of principal and/or interest on the Notes
purchased by the Developer pursuant to subsection (iv)
when due, the Developer shall have the right to credit
the unpaid principal balance of such Notes, and the
interest accrued thereon against the obligations of the
Developer to make the Annual Payment pursuant to Section
5.01 of this Agreement; provided, that, the amount
credited against the obligations of the Developer to
make the Annual Payment shall not exceed fifty percent
(50%) of any such monthly installment without prior
written approval of the City.
7. No Default. The Developer and City hereby acknowledge that, to
the best of their respective knowledge, no material default exists by either
party to the Agreement as of the date hereof. The Developer and City further
acknowledge that neither party has given the other party a written notice that
the other party is in default under the terms or conditions of the Agreement.
8. Defined Terms. All terms used in this Fourth Amendment with
initial capital letters (and not otherwise defined in this Fourth Amendment)
shall have the respective meanings ascribed to them in the Agreement for
purposes of this Fourth Amendment. All terms defined in this Fourth Amendment
shall have the respective meaning specified herein for purposes of this Fourth
Amendment and the Agreement.
9. Authority. Each of the parties represents and warrants to all
other parties to this Fourth Amendment that it has all requisite corporate power
and authority to enter into this Fourth Amendment and to perform its obligations
hereunder and that all acts and other proceedings required to be taken by it to
authorize the execution, delivery and performance of this Fourth Amendment have
been duly and properly taken.
10. Execution. This Fourth Amendment shall be binding upon the
Developer and City upon their execution hereof. The City agrees to use
reasonable efforts to cause this Fourth Amendment to be executed by the
Redevelopment Commission, Port Authority and Redevelopment Authority on or
before April 30, 2002. In the event that this Fourth Amendment has not been
executed by the Redevelopment Commission, Port Authority and Redevelopment
Authority on or before April 30, 2002, the Developer shall have the right to
notify the City in writing (the "Developer's Notice") of the Developer's
intention to terminate this Fourth Amendment as of a date specified by the
Developer in the Developer's Notice, which date shall be at least thirty (30)
days after the effective date of the Developer's Notice, if the Fourth Amendment
has not been executed by the Redevelopment Commission, Port Authority and
Redevelopment Authority on or before such date. In the event this Fourth
Amendment is not executed by the Redevelopment Commission, Port authority and
Redevelopment Authority on or before the date specified in the Developer's
Notice, this Fourth Amendment may be terminated by the Developer, in which case,
the City shall cause the Cash Consideration to be refunded or otherwise repaid
to the Developer.
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11. Bond. Under the terms of the Agreement, the Developer is
obligated to construct certain improvements, and the Units hereby acknowledge
and agree that, except with respect to any obligations expressly provided in
this Fourth Amendment, including but not limited to the EJ&E Obligations (as
defined and described in this Section 11), the Developer has satisfied each and
every one of the obligations in connection with the construction of such
improvements contemplated in the Agreement and in the First Amendment, the
Second Amendment and the Third Amendment. Accordingly, (i) Developer intends to
request that the IGC reduce the amount of the Developer's bond on deposit with
the IGC to One Million Dollars ($1,000,000), and, subject to clause (ii) of this
Section 11, the Units hereby agree to cooperate with and support the Developer
in connection with such request to the IGC; (ii) the Developer hereby agrees to
provide a bond, furnished in one or a combination of the forms described for
bonds on deposit with the IGC under I.C. 4-33-6-9(b), held by and payable to the
City and maintained in the amount of Three Million Dollars ($3,000,000) for
purposes of securing the execution and delivery of the EJ&E Agreement, as
defined in the Agreement, and the completion of the construction of the railroad
crossing contemplated thereby (collectively, the "EJ&E Obligations") and the
Developer's obligations under Section 3.03 of the Agreement; and (iii) upon
satisfaction of the EJ&J Obligations, the bond referenced in clause (ii) of this
Section 11 will be reduced to One Million Dollars ($1,000,000.00) and shall
continue to secure the Developer's Obligations under Section 3.03 of the
Agreement.
12. Force Majeure. The parties acknowledge that the dates and
deadlines set forth in this Fourth Amendment (other than for the payment of
money) are subject to the provisions of Section 18.04 of the Agreement.
HORSESHOE XXXXXXX, INC.,
f/k/a EMPRESS CASINO XXXXXXX CORPORATION
By:
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Title:
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ATTEST:
By:
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Printed:
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Title:
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XXXX XX XXXXXXX, XXXXXXX
By:
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Xxxxx X. Xxxxxxx, Xx., Mayor
The City of Xxxxxxx, Department of Redevelopment hereby executes
this Fourth Amendment as of the day and year first written above solely for the
purpose of such authorizations as may be required by it.
CITY OF XXXXXXX, DEPARTMENT
OF REDEVELOPMENT
By:
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Title:
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Title:
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Xxx Xxxx xx Xxxxxxx Xxxx Xxxxxxxxx hereby executes this Fourth
Amendment as of the day and year first written above solely for the purpose of
such authorizations as may be required by it.
CITY OF HAMMOND PORT AUTHORITY
By:
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Title:
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By:
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Title:
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The City of Xxxxxxx Redevelopment Authority hereby executes the
Fourth Amendment as of the day and year first written above solely for the
purpose of such authorizations as may be required by it.
CITY OF XXXXXXX REDEVELOPMENT AUTHORITY
By:
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Title:
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EXHIBIT "D"
HORSESHOE XXXXXXX
PROPOSED PARKING PLAN
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I. IMMEDIATELY AFTER EXECUTION OF THE FOURTH AMENDMENT.
A. Area A as shown on Exhibit E ("Area A"): Area A shall be
reserved exclusively for (i) the patrons of the Xxxxxxx Xxxxxx
("Marina") during boating season (March 15 to October 31),
except if during this period patrons of the Marina are not
utilizing all of the available spaces, the Xxxxxxx Port
Authority shall, in its reasonable judgment, allow the Developer
to occupy the unused portion of Area A for its patrons and
employees, and (ii) patrons or employees of the Developer at all
other times.
B. Area B as shown on Exhibit F ("Area B"): Area B shall be
reserved exclusively for valet parking for the Developer's
patrons and for the Developer's patrons and employees when not
needed for valet patrons.
C. Area C as shown on Exhibit G ("Area C"): Area C shall be
reserved for the exclusive use of the beach patrons and members
of the general public (excluding patrons and employees of
Developer) between Memorial Day and Labor Day and for the
general public (including patrons and employees of Developer) at
all other times; provided that after the second full season
(i.e. 2001) that the public beach is open, the parties shall
determine in good faith the extent to which Area C is reasonably
required for parking of beach patrons and members of the general
public (excluding patrons and employees of the Developer) and
shall identify in writing that portion of Area C, if any, which
is not so required, which area shall then be treated for all
purposes as part of Area B.
II. AFTER THE LATER OF: (a) THIRTY (30) DAYS AFTER THE EXERCISE OF THE
OPTION FOR THE VALET PARKING AREA, AND (b) THE OPENING OF THE PERMANENT
RAMP, BUT IN EITHER CASE, PRIOR TO CONSTRUCTION OF ANY PARKING STRUCTURE
ON THE VALET PARKING AREA.
A. Area A : Area A shall be reserved exclusively for the patrons of
the Marina and members of the general public (excluding patrons
and employees of the Developer) at all times.
B. Area B : The northern 262 spaces as shown on Exhibit B ("Area
B-1"): Area B-1 shall be reserved exclusively for the patrons of
the Marina and members of the general public (excluding patrons
or employees of the Developer) at all times.
B2 -- The southern 100 spaces as shown on Exhibit B ("Area B-2):
Area B-2 shall be reserved exclusively for the patrons and
employees of the Developer at all times.
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C. Area C : Area C shall be reserved exclusively for the patrons of
the Marina and members of the general public (excluding patrons
and employees of the Developer), at all times.
D. The Developer shall restripe the Option Area to add the twenty-two
(22) additional parking spaces depicted on the site plan attached hereto as
Schedule III and construct the additional thirty-two (32) parking spaces in
accordance with and as depicted on the site plan attached hereto as Schedule
III.
III. AFTER CONSTRUCTION OF A PARKING STRUCTURE ON THE VALET PARKING AREA.
A. Area A: Area A shall be reserved exclusively for the patrons of
the Marina and members of the general public (excluding patrons
and employees of the Developer) at all times.
B. Area B: Area B-1 : Area B-1 shall be reserved exclusively for
the patrons of the Marina and members of the general public
(excluding patrons or employees of the Developer) at all times.
Area B-2: Area B-2 shall be reserved exclusively for the patrons
and employees of the Developer at all times.
C. Area C: Area C shall be reserved exclusively for the patrons of
the Marina and members of the general public (excluding patrons
and employees of the Developer) at all times.
D. PARKING GARAGE: 262 SPACES SHALL BE RESERVED ON THE 1ST FLOOR OF THE PARKING
STRUCTURE FOR THE PORT AUTHORITY FROM MARCH 15 TO OCTOBER 31 FOR ALLOCATION TO
MARINA PATRONS; THE SPACES RESERVED FOR MARINA PATRONS SHALL BE LOCATED IN AN
AREA SEGREGATED FROM ALL OTHER PARKING SPACES IN THE PARKING STRUCTURE; AND ANY
PARTIES USING SUCH SPACES SHALL BE ADMITTED BY WAY OF A SEPARATE DESIGNATED
VEHICLE ENTRANCE ON THE WEST SIDE OF THE STRUCTURE AND VIA PARKING PERMITS OR
PASSES.
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