HomeMy WebLinkAbout92-1216 Riverboat RESOLUTION
CONSENTING TO ELGIN RIVERBOAT RESORT PARTIAL ASSIGNMENT TO
RBG, L.P. , AN ILLINOIS PARTNERSHIP, AN AFFILIATE OF
HYATT DEVELOPMENT CORPORATION
WHEREAS, the City of Elgin and Elgin Riverboat Resort
have entered into a development agreement dated June 24, 1992;
and
WHEREAS, Elgin Riverboat Resort desires to enter into a
joint venture agreement with RBG, L.P. , an Illinois Limited
Partnership, an affiliate of Hyatt Development Corporation,
and assign a 50% interest in the development agreement to RBG,
L.P. , an Illinois Limited Partnership, an affiliate of Hyatt
Development Corporation; and
WHEREAS, the City has the right to consent or approve of
said assignment, which consent shall not be unreasonably
withheld; and
WHEREAS, the City has determined that it is in the best
interest of the City of Elgin to assist Elgin Riverboat Resort
in its application for a riverboat gaming license.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that the City of Elgin hereby
approves and consents to the proposed assignment by Elgin
Riverboat Resort to RBG, L.P. , an Illinois Limited Partner-
ship, an affiliate of Hyatt Development Corporation, of a
(50%) fifty percent interest under the development agreement
dated June 24, 1992 between the City of Elgin and Elgin
Riverboat Resort upon the express condition that RBG, L.P. , an
Illinois Limited Partnership, an affiliate of Hyatt
Development Corporation, file a written acceptance of the
developer's obligations under the agreement executed by its
duly authorized corporate officers and also file with the city
clerk a written disclosure statement, under oath, as
prescribed by Ill. Rev. Stat. , 1991, ch. 102, par. 3. 1 .
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: December 16, 1992
Adopted: December 16, 1992
Vote: Yeas 4 Nays 3
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk