AgdaPkt 2004-09-13 - Laserfiche WebLink

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8� � 12 ♦ Paymcnts into the Trust Ftmd come from a pem.�ntage of the "Ntt wia" from the gaming devices. The "Net win" is d�fined as the wagering revenue from minv devic�s operated pursuaat to the Act retained aftcr prizes or winnings have b�n paid to players and prior to the payment of operating or other expenses. ♦ The gambling establishments and horseracing tracks shall pay the foIlowing percentagc of Nct win fi each machine: 30% into the Gaming Revenue Trust Fund 2% to the City in which each authorized facility is located 1% to the County in which each authorized facility is located ♦ Funds paid into the Gaming Revenue Trust Fwnd would be allocated as follows: ➢ Not more than 1% to the Division of Gambling Control and the California Gambling Control Commission for the cost of administcring the Gaming Revenue Act ➢ Monies sufficient to guarautee that each non-gaming tribe shall receive $I.2 million annt�ally from the Indian Gaming Revenue Sharing Tnist Fund ➢$3.0 million be awarded anneially to responsible gambling programs After the above distribution, the rcmaining money would be allocated as foilows: ➢ Fifty perecnt (50%) to County Offices of Education to provide services for abused and neglected children and children in foster care ➢ Thirty-five perecnt (35%) to local governments on a per capita basis for additional neighborhood sheriffs and police offrcers ➢ Fifteen pement (15%) to local govcmments on a per capita basis for additional firefighters It is intended that these monies would be additional funds for these operations and would not be used to supplant existine funds for education, law enforcement, or fire protection. ♦ The GRA also provides for amendmarts to the Bvsiness and Professions Code for additional amounts of the net wi.n to be used for horse relatal activities and to support thoroughbred racing associations, racing fairs, quarter horse racing, and harness racing. See Attachmr,nt 3 for the complete Initiarive. WHAT ARE THE IlIZPACTS OF THE GRA ON SAN MATEO� If successful, this initiative would allow Bay Meadows to either: 1) install up to 3,800 gaming devices (the 3,000 expiicifly stated for horseracing tracks plus up to an additiona1800 gaming devices which could be acquired from other sites) or 2) transfer, purchase, license, or sell their rights to the 3,000 gaming devices to one of the other authorized facilities. A myriad of development options exists to accomplish the formar. R eQardiess of their decision, Bay Meadows is not required to kecp the horserace track in operation. Thc GRA establishes the allocation of gaming devices based upon "the real property on wlrich an authorized horseracing track was located as of September 1, 2003". The GRA has been written to permit Bay . Page 2