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2. LCHS hereby declares its interest and intent to initiate a charitable gambling <br />enterprise within Little Canada subject to State and local requirements. It is recognized that the <br />LCHS is not eligible for licensing by the State of Minnesota until May of 1999 based upon <br />current statutory requirements. LCHS will seek licensing as soon as legally permissible and <br />subject to the availability of a site in Little Canada. <br />3. In its continuing support of community based organizations, City pledges to award a <br />charitable gaming site within Little Canada to LCHS as soon as practical once LCHS is eligible <br />for licensing pursuant to State and local regulations. A site could be at the Little Canada Bingo <br />Hall or a pull -tab location. <br />4. Once involved in charitable gambling, LCHS commits to donating 50% of its net <br />profits to the City on an on -going basis to reimburse City for the capital outlay associated with <br />the construction of the aforementioned addition. Said obligation will be deemed satisfied when <br />repayments have been made to retire this outlay including interest accrual of 6.5% per annum or <br />should LCHS no longer be able to operate a charitable gaming enterprise. <br />5. City agrees that on -going operation and maintenance expenses associated with the <br />physical space of the addition and related appurtenances shall be paid for by City. All other <br />costs shall be the responsibility of LCHS. <br />6. Should LCHS discontinue operations or no longer need the space afforded it by the <br />addition to City Center, City shall take possession of space and use it in a manner deemed most <br />appropriate by City. No reimbursement or payment shall be made by City to LCHS for this <br />space or to repay reimbursements made by LCHS to City or by any third party on behalf of <br />LCHS. <br />Page 94 <br />