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Ch. 309
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2000 LAWS OF MARYLAND
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(4) THE APPLICANT SUBMITS A FEASIBILITY STUDY OF THE PROPOSED
IMPROVEMENTS AND RELATED EXPENDITURES, INCLUDING IMPACT ON BETTING
AND REVENUES AT THE RACING FACILITY; AN©
(5) THE APPLICANT PROVIDES INFORMATION ON THE AMOUNT OF
EXPENDITURES RELATED TO THE IMPROVEMENTS THAT WILL BE PAID TO MINORITY
BUSINESS ENTERPRISES AND COMMITS TO A MINORITY PARTICIPATION GOAL OF AT
LEAST 14% OF THE AMOUNT OF THE CONTRACTS; AND
(6) THE AUTHORITY HAS REVIEWED THE MASTER PLAN AND PROVIDED
INPUT TO THE COMMISSION THE APPLICANT HAS RESPONDED TO THE ISSUES
RAISED BY THE AUTHORITY TO THE REASONABLE SATISFACTION OF THE
COMMISSION;
(7) THE COMMISSION FINDS, IF THE APPLICANT IS A MILE
THOROUGHBRED LICENSEE, THAT THE MASTER PLAN, INCLUDING THE APPLICANTS
MARKETING PLAN, SATELLITE SIMULCAST BETTING FACILITIES PLAN, BUDGET AND
SCHEDULE FOR IMPROVEMENTS, AND FINANCING PLAN FOR IMPROVEMENTS, IS
REASONABLE;
(8) THE APPLICANT, IF THE APPLICANT IS A MILE THOROUGHBRED
LICENSEE, HAS DEMONSTRATED TO THE REASONABLE SATISFACTION OF THE
COMMISSION THAT IT WILL HAVE SUFFICIENT FUNDS TO ENABLE IT TO MEET THE
LICENSEE'S APPROVED PAYMENT SCHEDULE FOR IMPROVEMENTS;
(9) (I) THE APPLICANT, IF THE APPLICANT IS A MILE THOROUGHBRED
LICENSEE, DEMONSTRATES TO THE REASONABLE SATISFACTION OF THE
COMMISSION THAT THE APPLICANT AND ITS AFFILIATES HAVE SPENT, OR ARE
CONTRACTUALLY OBLIGATED TO SPEND, $9.5 MILLION ON IMPROVEMENTS
BETWEEN JANUARY 1, 1999 AND THE TIME BONDS ARE ISSUED BY THE
CORPORATION; AND
(II) THE APPLICANT SUBMITS WITH THE MASTER PLAN THE AUDIT
REPORT REQUIRED UNDER SUBSECTION (C) OF THIS SECTION TO VERIFY THE
AMOUNT THAT IS SPENT AND CONTRACTUALLY OBLIGATED TO BE SPENT ON
IMPROVEMENTS; AND
(10) THE APPLICANT DEMONSTRATES THAT THE IMPROVEMENTS TO
RACING FACILITIES UNDER THE MASTER PLAN WILL BE COMPLETED WITHIN 5
YEARS FROM THE TIME BONDS ARE ISSUED BY THE CORPORATION.
(C) IF THE MASTER PLAN IS APPROVED BY THE COMMISSION, AND PROCEEDS
FROM THE SALE OF BONDS SUFFICIENT TO ACCOMPLISH THE PLAN ARE MADE
AVAILABLE, THE LICENSEE SHALL:
(1) IMPLEMENT THE MASTER PLAN, UNLESS THE LICENSEE IS
PREVENTED FROM DOING SO BY CIRCUMSTANCES BEYOND ITS REASONABLE
CONTROL; AND
(2) SUBMIT TO THE COMMISSION, AUTHORITY, AND CORPORATION,
WITH THE AUDIT REQUIRED UNDER § 11-313(B)(2) OF THIS TITLE, AN INDEPENDENT
AUDITED ANNUAL REPORT BY AN AUDITOR APPROVED BY THE COMMISSION OF THE
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- 1864 -
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