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Thc percentage being proposed at this time is three percent (3%) of net profits. As can be seen <br />from the attached schedules, this would net the City approximately the same dollars as 1993, only <br />on a more consistent basis. We do have the option to go as high as ten percent (10%) under this <br />section. <br /> <br />The attached information has been forwarded to each of the gambling managers for the various <br />organizations that currently operate within the City. I will be asking them to respond with their <br />comments. <br /> <br />Staff Recommendation: <br /> <br />This information has been placed on the agenda for discussion purposes only. Based on any <br />comments or suggestions for revisions, staff is recommending that this proposed ordinance be <br />placed on the May 10, 1994 regular City Council agenda for the fa'st reading. The second reading <br />would then be on May 24, 1994 with the effective date being July 1, t994 if passed at that time. <br /> <br />Committee Action: <br /> <br />Based on discussion. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br />City Attorney <br /> <br />FC: 04/26/94 <br /> <br />Copies distributed to: <br /> <br />Councilmember Beyer <br />Councilrnember Zimmerman <br /> <br /> <br />