Newspaper article THE JOURNAL RECORD

Horse Racing Panel Oks Remington Loan Papers / Adopts Policy

Newspaper article THE JOURNAL RECORD

Horse Racing Panel Oks Remington Loan Papers / Adopts Policy

Article excerpt

Loan documents concerning the financing of the $82.5 million Remington Park racetrack in northeast Oklahoma City were approved Thursday by the Oklahoma Horse Racing Commission.

In other action, commissioners adopted a policy which will make the process of obtaining documents from the commission lengthier and more complicated than it has been in the past.

At their last regular meeting, the commissioners accepted for review the loan documents on Remington Park, a development of Oklahoma Racing Associates. Larry Brawner, local attorney for Oklahoma Racing Associates, turned in the documents on Nov. 12, the deadline date for their submission.

Between that date and Thursday's meeting, the commissioners had a chance to review the documents for possible questions, comments or objections they might have had. But the commissioners accepted them as submitted.

Oklahoma Racing Associates consists of Ohio businessman Edward J. DeBartolo Sr., his son and daughter. The loan agreement basically calls for the $82.5 million to be loaned from Citibank N.A. of New York to an entity known as DeBartolo Funding Corp., which in turn will loan the money to Oklahoma Racing Associates.

The loan probably will be made in increments instead of in one lump sum. Several options, controlled by Citibank, will be available to pay the interest on the loan advances.

According to Brawner, acceptance of the loan documents for the track was the last major hurdle of the conditions which Oklahoma Racing Associates had to meet in compliance with conditions set forth in the license to construct the tract, issued by the racing commission earlier this year.

Also at Thursday's meeting, a new policy pertaining to the release of records was issued - a policy which stems from an Oklahoma Supreme Court case involving Remington Park.

The Tulsa Tribune filed a lawsuit against the racing commission and Oklahoma Racing Associates last March for release of certain documents pertaining to the finances of the DeBartolos. …

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