An agreement with the Pokagon Band of Potawatomi Indians

Home Browse Search

EXECUTION COPY (d }. Revenue Sh arir g from Class H Gaming. This Section exclusively addresses ILT Payments and any other form of gaming revenue sharing by PGA with the City from a Resort that cannot lawfully include "Class III Gaming", as that term is defined in subsection 2703(8) of IGRA, -due to the absence of (i) a Class III Gaining compact entered into between the Band and the State of Indiana that is approved by the Secretary of the Interior pursuant to the requirements of subsection 2710(d)(8) of IGRA or (i) administrative procedures for the conduct of Class III Gaming by the Band on Indian lands. located in the State of Indiana that are proscribed by the Secretary of the Interior pursuant to subsection (d)(7)(B)(yii) of IGRA (either such approved compact or administrative procedures are referred to hereunder as "Indiana compact'). (1). In furtherance of the determinations described above in subsection (a), to help fund operations of local government agencies, and as consideration for valuable concessions contained in this Agreement, the Band Parties agree that PGA shall male an annual ILT Payment to the City comprised of the following.: (i) one percent (1 %) of the Net Win from Class II Games at the Resort shall be paid directly to the City; and (ii) one percent (1 %) of the Net Win from Class II Games at the Resort shall be paid directly to the South Bend Redevelopment Commission ( "Redevelopment Commission ") (each such ILT Payment made . annually under this Section 14(d) or any payment of Net Win from Class III Gaming under Section 14(e) of this Agreement, an "Annual ILT Payment "). It is the parties' mutual intent that the Redevelopment Commission use and direct the Annual ILT Payment proceeds it receives from PGA pursuant to this Section 14 to fund initiatives broadly aimed at contributing to the improvement of educational opportunities in the City and to address poverty and unemployment in the City. (2). The Annual ILT Payments shall be based on a twelve -month fiscal period beginning on August I and ending on July 31 of each year, provided that the first Annual ILT Payment under this provision may be for a period of less. than twelve full months of operations beginning on the day the Resort opens to the public through July 31 immediately subsequent thereto. Annual ILT Payments shall be made within sixty (60) days of the end of each fiscal period. Interest on any Annual ILT Payment made more than sixty (60) days from the end of the fiscal period shall accrue at the annual rate of three percent (3 %) on the unpaid balance due until paid in frill. Any partial payments of the unpaid balance due shall first be applied to accrued interest with the remainder, if any, next applied to the unpaid balance. Page 9 of 22