AgdaPkt 2004-09-13 - Laserfiche WebLink

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�� - 1 1 � �s�� � ADMINISTRATIVE REPORT A �M# /� U O * '. ° +%;�a��r Mrc. July 19, 2004 To: Honorable Mayor and City Council APPROVED BY: Arne Croce, City Manager DATE: JLl�y i 4, ZOO4 SUBMITTED BY' � s� M. �� u c�c M� (ext 70d3) sua►ecr: City Position on Gaming Revenue Act of 2004 (Proposition 68) That the City Council review the atta.ched report and consider whether to take a position on the Gaming Revenue Act of 2004. BACKGROUND Summarv of the Gaming Revenue Act of 2004 T'he Craming Revenue Act of 2004 (GRA.) is an initiative sponsored by various cazd rooms and horseracing track owners in Califomia. The GRA (Proposition 68) will be on the Novtmbcr ballot and will require majority approval of the voters to pass. Key Elements of Initiative ♦ Within 90 days of the effective date of the initiative, if passed, the Indian tribes mvst renegotiate new compacts with the Governor providing for 25% of their winnings from each gamiug devic� to a gaming revenue trust fund and agree to comply with State laws, including laws goveming environmental protection, gamiug regulations, campaign eontributions, and public disclosure. If all compacts are successfully rcnegotiated within this time period, these neaotiatad compacts allow the � Indian tribes to have the exclusive ri�t to operate gaming devices in the State. ♦ If agreement on these terms is not reached with all tribes within the 90 day period, five existing race tracks and eleven existing card rooms {gambling establishments) will have the right to operate not more than 30,000 gaming devices (slot machines). (See list, Attachment 1) ♦ Each authorized horseracing track would have 3,000 gaming devices. In no event may a horseracing track have more than 3,840 gaming devices. The initiative provides the ability for the owners of hozseracing tracks to transfer, sell, license, or assign their rights to one or more of thc other authorized tracks. ♦ The remaining 15,000 gaming devices would be distributed to each of the gambling establishments (card clubs) based on the number of gaming tables they aze allowed to operate as of September 1, 2003. ♦ The initiative creates a Gaming Revenue Tnist Fund which is administered by a Boazd of Trustees compriscd of frve mtmbers appointed by the Governor as follows: 2 shall be cngaged in public school oducation, 1 shall be engaDed in law eaforcement, 1 shall be cngaged in fira protection, 1 shall be a certified public accountant.