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HomeMy WebLinkAboutStadium Extension Letter 01-21-2016 DocuSign Envelope ID:9BCBB663-D5D3-4C4C-B260-6DCADBE7CB37 LAKE ELSINORE STORM LP 500 DIAMOND DRIVE LAKE ELISNORE, CA 92531 January 21, 2915—,7p1 (ems City of Lake Elsinore 130 S. Main Street Lake Elsinore, CA 92530 Attn.: Grant Yates, City Manager Re: Extension of Stadium Operations Contracts for First Extension Term and Second Extension Term Dear Mr. Yates; This letter is provided in connection with the following agreements: License Agreement by and between Lake Elsinore Storm, LP, as successor in interest to Storm, LLC ("Storm") and the Redevelopment Agency of the City of Lake Elsinore("Redevelopment Agency") dated March 15, 2001, as amended ("Baseball License"); Stadium Field and Maintenance Agreement by and between Storm and Redevelopment Agency dated March 15, 2001, as amended ("Maintenance Agreement"); and Concessions License Agreement dated January 30, 2002 by and between Golden State Concessions and Catering, Inc. ("Golden State") and the Redevelopment Agency, and Amendment to Concession License Agreement dated November 1, 2002 ("Concession License'). Storm and Golden State are hereby collectively referred to herein as the "Storm Entities."The Baseball License, Maintenance Agreement and Concession License are collectively referred to herein as the "Stadium Operations Contracts." The Stadium Operations Contracts were further amended to extend the Initial Term of the Stadium Operations Contracts through December 31, 2016 and to provide for a First Extension Term (as defined therein) through December 31, 2021 and a Second Extension Term (as defined therein) through December 31, 2026 pursuant to the Attornment and First Amendment to License Agreement, the Attornment and First Amendment to Stadium Field and Maintenance Agreement and the Attornment and Second Amendment to Concession License Agreement, each dated July 15, 2007 (collectively, the "Stadium Contract Amendments"). Pursuant to the Redevelopment Dissolution Act (AB X1 26), all redevelopment agencies in the State were dissolved as of February 1, 2012, including the former Redevelopment Agency. Pursuant to the Dissolution Act, the City Council of the City of Lake Elsinore elected to serve as the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ("Successor Agency") and has assumed all of the Redevelopment Agency's rights and obligations under the Stadium Operations Contracts. 1 DocuSign Envelope In:9BCB8663-D5D3-4C4C-8260-61)GAD8EiCB37 This letter is to confirm that pursuant to the Stadium Contract Amendments, the Initial Term of the Stadium Operation Contracts will expire on December 31, 2016 and the term of the Stadium Operations Contracts shall each be automatically extended for the First Extension Period expiring December 31, 2021 and the Second Extension Period expiring December 31, 2026. Pursuant to the Stadium Contract Amendments, the extensions are automatic and no action is required under such agreements to extend the terms of such agreements through the First Extension Period and Second Extension Period. If, however, the Stadium Operations Contracts are interpreted to require an affirmative election to extend the term of the Stadium Operations Contracts, this letter shall constitute the Storm Entities' affirmative election to extend the term of the Stadium Operations Contracts to which they are a party, through December 31, 2026. Please acknowledge your receipt and confirmation of this letter as provided below. Sincerely, "STORM" LAKE ELSINORE STORM LP, a California limited partnership By: G11 STORM MANAGEMENT,LLC, a California limited liability company Its: Q*Nrtner Gary E.Jacobs, Manager "GOLDEN STATE" GOLDEN STATE CONCESSIONS& CATERING, INC. �OxuSlpned 6y: By. 085790c9ee2C474._ Gary E.Jacobs, President 2 DocuSign Envelope 10:9BCBB663-D503-4C4C-B2&U�QCAD8E7CB37 ACKNOWLEDGED AND CONFIRMED: "SUCCESSOR AGENCY" SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE EL ORE Dated: I-LZ� By: Grant Y , Executive Director ATTEST: SUCCESSOR AGENCY SECRETARY Susan M. Domen, MMC APPROVED AS TO FORM: LEIBOLD McCLENDON& MANN, P.C. Successor Agency Co By: Barbara Z id Leihold 3