THE CORPORATION.
THE ADVISORY BOARD WILL RECOMMEND EXPENDITURES
OF THOSE FUNDS IN THE SEGREGATED ACCOUNT FOR USE IN THE INNER HARBOR AREA.
THE
FUNDS IN THE DESIGNATED SEGREGATED ACCOUNT SHALL ONLY BE USED TO STIMULATE
BUSINESS AND ECONOMIC DEVELOPMENT IN THE INNER HARBOR AREA IN ORDER TO CREATE A
CRITICAL MASS OF TOURISM AND VISITORS TO SUCH AREA.
IN ORDER TO ACHIEVE SUCH
CRITICAL MASS, THE PROCEEDS IN THE DESIGNATED SEGREGATED ACCOUNT SHALL BE USED
TO (1) STIMULATE THE DEVELOPMENT OF MIDDLE AND UPPER INCOME HOUSING AND (2) FUND
IMPROVEMENTS TO ROADWAYS, SIGNAGE AND PEDESTRIAN AREAS, TOURISM AND RECREATION
INITIATIVES, AND ANY OTHER INITIATIVE DESIGNED TO STIMULATE TOURISM AND VISITORS
TO THE INNER HARBOR AREA.
THIS ADVISORY BOARD SHALL MEET ON A REGULAR BASIS BUT
NO LESS THAN ONCE EVERY THREE MONTHS AFTER CREATION OF THE DESIGNATED SEGREGATED
ACCOUNT AND MAY MEET AT ANY TIME AT THE REQUEST OF AT LEAST TWO (2) MEMBERS OF
THE BOARD.
THE ADVISORY BOARD SHALL BE ESTABLISHED NO LATER THAN ONE (1) YEAR
AFTER THE EFFECTIVENESS OF THIS AGREEMENT AS SET FORTH IN SECTION 2 AND SHALL
REMAIN IN EXISTENCE UNTIL ALL FUNDS DEPOSITED IN THE SEGREGATED ACCOUNT HAVE
BEEN EXPENDED IN ACCORDANCE WITH THIS SECTION.
FOR THE AVOIDANCE OF DOUBT, ANY
AMOUNTS RECEIVED BY THE CITY FROM THE STATE CONTRIBUTION THAT ARE NOT DEPOSITED
IN THE SEGREGATED ACCOUNT REFERENCED IN THE FIRST SENTENCE OF THIS SECTION SHALL
BE FOR USE BY THE CITY WITHOUT ANY OBLIGATION TO CONSULT WITH OR OBTAIN THE
APPROVAL OF THE ADVISORY BOARD, THE CORPORATION OR THE NATION.
(D)
MARKETING.
THROUGH THE BUFFALO CONVENTION AND VISITORS BUREAU
("CVB"), COOPERATE IN GOOD FAITH WITH THE CORPORATION TO PROMOTE TOURISM IN THE
INNER HARBOR AREA.
SUCH MARKETING EFFORTS OF THE CVB SHALL INCLUDE MARKETING OF
THE CORPORATION'S FACILITIES ON THE SENECA BUFFALO CREEK TERRITORY.
7.
COVENANTS OF THE CORPORATION.
IN EXCHANGE FOR THE COMMITMENTS
OF THE CITY IN THIS AGREEMENT, THE CORPORATION SHALL:
(A)
BUILD THE CASINO.
BUILD, ON THE SENECA BUFFALO CREEK TERRITORY, A
CASINO AND PARKING RAMP SUBSTANTIALLY IN ACCORDANCE WITH THE DESIGN THAT WAS
PUBLICLY UNVEILED ON OR ABOUT JUNE 1, 2006, WITH AN AGGREGATE CAPITAL INVESTMENT
BY THE CORPORATION OF AT LEAST ONE HUNDRED TWENTY-FIVE MILLION DOLLARS
($125,000,000) AND WHICH WILL INCLUDE 1,900 TO 2,200 SLOT MACHINES AND 30 TO 50
TABLE GAMES, ALL AS MORE FULLY DESCRIBED IN APPENDIX E.
(B)
FULTON STREET PAYMENT.
THE CORPORATION WILL PAY THE FULTON STREET
PAYMENT TO THE CITY IN CASH, IN IMMEDIATELY AVAILABLE FUNDS, UPON RECEIPT OF THE
DEED REFERENCED IN SECTION 6(A).
(C)
CONSTRUCTION.
THE CORPORATION AGREES TO DISPOSE OF CONSTRUCTION
DEBRIS FROM THE CONSTRUCTION OF THE CASINO IN ACCORDANCE WITH FEDERAL, SENECA
NATION, STATE AND LOCAL LAWS, IF AND TO THE EXTENT APPLICABLE.
8
(D)
INFRASTRUCTURE IMPROVEMENTS.
THE CORPORATION AGREES, AT ITS
EXPENSE, TO UNDERTAKE AND COMPLETE THE INFRASTRUCTURE IMPROVEMENTS IN A TIMELY
AND EXPEDITIOUS MANNER.
COMPLETION OF THE INFRASTRUCTURE IMPROVEMENTS IS
EXPECTED TO OCCUR NO LATER THAN SIX (6) MONTHS FOLLOWING THE OPENING OF THE