HomeMy WebLinkAboutResolution - 5428 - Amendment #2 To Lease Agreement - Joyland Amusement Park - 02_27_1997RESOLUTION N0,5428
Item #16
February 27, 1997
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCII. OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to
execute for and on behalf of the City of Lubbock a Second Amendment to the 7oyland
Amusement Park Lease Agreement, attached hereto and which shall be spread upon the minutes
of the Council and as spread upon the minutes of this Council shall constitute and be a part of this
Resolution as if fully copied herein in detail.
Passed by the City Council this 27th day of February , 1997.
ATTEST:
Kathi arnell; City Secretary
TO CONTENT:
of
Leisure Services
APPROVED AS TO FORM:
]Wald G. Van -diver, First Assistant
City Attorney
nov:V,rocdoWroyniaz.,es
February 3, 1997
RESOLUTION M. 5428
Item #16
February 27, 1997
SECOND AMENDMENT
JOYLAND AMUSEMENT PARK
LEASE AGREEMENT
THE STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS
COUNTY OF LUBBOCK §
THIS Second Amendment to the Joyland Amusement Park Lease Agreement
entered into by and between the City of Lubbock, Texas, hereinafter called "City," and
MacKenzie Park Playground, Inc., d/b/a Joyland Amusement Park, hereinafter called
"Concessioner."
WITNESSETH:
WHEREAS, on or about the 13th day of August, 1987, City and Concessioner
executed a Lease Agreement whereby the City leased to Concessioner all of the area in
Mackenzie Park for a term of ten (10) years with an additional term of five (5) years; and
WHEREAS, the term of said Lease Agreement has been extended to the 28th day
of February, 2006, with an optional extensions of five (5) years in a First Amendment to
said Lease Agreement which was executed by the parties hereto on or about the 8th day
of February, 1996; and
WHEREAS, both parties for good and valuable consideration desire to further
amend said Lease Agreement by amending Section 9 to read as follows.
Section 9
The consideration for the execution and acceptance of this Lease Agreement is
payable as follows:
As a part of the consideration for the execution of this agreement, Concessioner
shall pay to the City a monthly rental based on gross receipts from Joyland Amusement
Park according to the following scale:
OTHER
RIDES RECEIPTS
$ 1
to
$250,000
5%
2%
$250,001
to
$275,000
51/2%
21/2%
$275,001
to
$300,000
6%
3%
$300,001
to
$325,000
61/2%
31/2%
$325,001
to
$350,000
7%
4%
$350,001
to
$375,000
71/2%
41/2%
$375,001
to
$400,000
8%
5%
$400,001
to
$425,000
8 1 /2%
5 1 /2%
$425,001
to
$450,000
9%
6%
$450,001
to
$475,000
91/2%
61/2%
$475,001
to
$500,000
10%
7%
More than $500,001
10%
7%
It is understood and agreed by all parties that "gross receipts" shall be construed
to mean all sums of money coming into the hands of the Concessioner as a result of the
operations of Joyland Amusement Park after the deduction of all amusement taxes.
EXECUTED this27thday of February , 1997.
CITY OF LUBBOCK: MACKENZIE PARK PLAYGROUND,
INC. DBA/ JOYLAND AMUSEMENT
PARK:
WINDY S�ftOg, iR
A EST:
Ka,"_Darnell, City Secretary
TO CONTENT:
and Leisure Services
APPROVED AS TO FORM:
1
Donald G. Vandiver, First Assistant
City Attorney
ddltrroylan.doc
February 3, 1997
2