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.
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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
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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
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