EXHIBIT 10(24)
SECOND AMENDMENT TO THE
AMENDED AND RESTATED DEVELOPMENT AGREEMENT
BY AND AMONG
THE CITY OF DETROIT, THE ECONOMIC DEVELOPMENT CORPORATION
OF THE CITY OF DETROIT AND
MGM GRAND DETROIT, L.L.C.
THIS SECOND AMENDMENT (the "Second Amendment") to that certain Amended and
Restated Development Agreement, dated as of April 9, 1998, as amended by the
First Amendment dated June 25, 1998, by and among the City of Detroit (the
"City"), the Economic Development Corporation of the City of Detroit (the "EDC")
and MGM Grand Detroit, L.L.C., a Delaware limited liability company
("Developer") for the City of Detroit Casino Development Project (the
"Development Agreement") is made on this _____ day of December, 1999 by and
among the City, the EDC and the Developer.
WHEREAS, the City, EDC and Developer have previously entered into the
Development Agreement; and
WHEREAS, it is the desire of the parties to enter into this Second
Amendment to amend certain provisions of the Development Agreement.
NOW, THEREFORE, in consideration of the foregoing premises and the
covenants herein contained, the parties agree as follows:
1. All capitalized terms not otherwise defined herein shall have the same
meaning as set forth in the Development Agreement.
2. Section 2.4(d) of the Development Agreement is hereby amended by deleting
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the reference to "December 31, 1999" in such section and substituting in
its place "December 31, 2000".
3. To give recognition to the fact that the JEPAB has already been formed,
Section 2.6(n)(3) of the Development Agreement is hereby amended so that
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the third sentence reads as follows: Developer shall fund the JEPAB
according to the following schedule: an initial payment of One Hundred
Thousand Dollars ($100,000) within thirty (30) days after the later of: (i)
the Temporary Casino Opening Date or (ii) the Amendment Effective Date (as
defined in Paragraph 7 hereof); One Hundred Thousand Dollars ($100,000)
within one (1) year of the due date of the initial payment; Four Hundred
Thousand Dollars ($400,000) within six (6) months of the Closing Date; and
Four Hundred Thousand Dollars ($400,000) within twelve (12) months of the
Closing Date.
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4. Section 2.19(b) of the Development Agreement is hereby amended by deleting
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the reference to "Closing Date" in such section and substituting in its
place "Temporary Casino Opening Date".
5. Anything in the Development Agreement to the contrary notwithstanding,
including but not limited to the reporting requirements set forth in
Section 2.19(b) of the Development Agreement, Developer agrees that not
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later than thirty (30) days after the end of any calendar quarter,
commencing with the calendar quarter ending December 31, 1999, Developer
shall deliver to City a report in such form and having such statistical
information as may be reasonably prescribed by the City setting forth a
description of Developer's efforts during such calendar quarter with
respect to the following:
a. compliance with Section 2.6(e) of the Development Agreement;
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b. compliance with Section 2.6(i) of the Development Agreement; and
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c. compliance with Section 2.6(j) of the Development Agreement.
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6. Except as amended by this Second Amendment, the Development Agreement is
reaffirmed in all respects, and shall remain in full force and effect.
7. This Second Amendment shall become effective on the date (the "Amendment
Effective Date") on which all of the following have been accomplished: this
Second Amendment has been executed by all parties hereto and the City
Council has duly approved the last of the following: (i) this Second
Amendment; and (ii) a second amendment to the amended and restated
development agreements of each of the Other Land-Based Casino Developers
containing substantially the same terms and conditions as set forth in this
Second Amendment.
8. This Second Amendment may be executed in counterparts, each of which shall
be deemed to be an original document and together shall constitute one
instrument.
[signature page follows]
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IN WITNESS WHEREOF, the parties hereto have set their hands and had their
seals affixed on the dates set forth after their respective signatures.
CITY OF DETROIT, a municipal
corporation
By:___________________________
Its:_______________________
THE ECONOMIC DEVELOPMENT
CORPORATION OF THE CITY OF
DETROIT, a Michigan public
body corporate
By:___________________________
Its:_______________________
MGM GRAND DETROIT, L.L.C.
a Delaware liability company
By:___________________________
Its:_______________________
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