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Ada County Approves Transfer of Les Bois Park Lease to Capitol Racing

February 23, 2005     E-mail this page to a friend!

Transfer subject to final sale agreement between Lariat and Capitol

Boise, Feb. 22--The Board of Ada County Commissioners unanimously approved the assignment and consent to transfer the lease agreement for Les Bois Park from Lariat Productions to Capitol Racing. Lariat Productions and Capitol Racing attended the meeting and stated they are at the end stage of their negotiations on the sale agreement.

Over the past six weeks, Ada County has been in the process of performing due diligence to determine if Capitol Racing would be a good tenant for Les Bois Park. Ada County conducted criminal background checks, reviewed Dun & Bradstreet credit reports and audited financial documents for Capitol Racing and its owner, Steve Bieri. In addition, representatives from Ada County visited the track that Capitol Racing runs at Cal Expo in Sacramento and met with racing industry leaders and management.

“We did an exhaustive investigation and all of the findings were very positive,” said Commission Chairman Rick Yzaguirre. “Since Capitol took over the horse race track in Sacramento, they turned the operation into a successful enterprise. It is our hope that they will be good tenants of Les Bois Park and for the horse racing industry in Idaho.”

“We give our consent to Capitol Racing becoming a new tenant at Les Bois Park so that Capitol and Lariat can expedite the closing of their sale agreement,” said Commissioner Fred Tilman. “We look forward to a good working relationship with Capitol Racing.”

“I want to thank Lariat Productions for bringing such a reputable business to the county,” said Commissioner Judy Peavey-Derr. “We appreciate the fact that Capitol Racing was forthcoming with our requests for information and wish to acknowledge their professionalism during our investigation.”

The existing lease agreement ends in 2009.