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AGENDA ITEM NO. 10B <br />STAFF ORIGINATOR Marilyn Anderson, Clerk -Treasurer <br />DATE July "18,1996 <br />TOPIC <br />BACKGROUND: <br />The first anniversary of the Dead Broke Saddle Club's gambling operation at the 49 Club <br />is September 1, 1996. The Saddle Club has applied for renewal of their license and has <br />provided inforntion so that I can determine whether or not they have met all of the <br />terms of the Lino Lakes Gambling Ordinance. <br />Consideration of Renewal of Gambling License, <br />Dead Broke Saddle Club <br />organizations, who are conducting gambling <br />ion that is required by the State to the City <br />fled information to define ifthe Deal Broke <br />conducting gamblingtin the City pay 10% of tl it net profits to bit resi is cif the <br />City. This requirement can be in cash or a ' dorsa on to a cause or individual. The <br />net profit for period of September 1,19 to fi ber 31',1995 was $35,166.73. <br />This means that $3,516.67 must be used to benefit residents in Lino Lakes. The elle <br />Club made direct donations to several orgy ns totaling $1,250.00 and gave the City <br />a cash donation of $2,266.73. In addition, gambling organizations are required to pay <br />1/10 of 1% of gross profits less prizes actually paid out by the organizationto tine City to <br />cover the cost of administering the Gambling Ordinance. The Dead Broke Saville Club <br />has met this requirement. <br />ons <br />The Dead Broke Saddle Club has met all oft the requirements of the Lino Lakes Gambling <br />Ordinance. In addition, no concerns or problems have been reported to my office about <br />this operation. <br />OPTIONS <br />1. Adopt a motion approving the renewal of the Dead Broke Saddle Club gambling <br />license. <br />2. Return to staff for further inforrnati <br />