Following a lengthy discussion on Monday night, the Mitchell City Council voted 6-2 to amend its lease agreement with the Corn Palace Stampede Rodeo Foundation.
Most provisions of the amendment relate to the Rodeo Foundation’s ability to finance improvements to the site.
It also reduces rent for the last two years from a total of $15,000 a year to $500. The annual rent for the remainder of the lease will stay at $7,500.
Earlier this year, a court ruled mostly in favor of the foundation in its lawsuit against Horsemen’s Sports Inc. The legal battle prompted the cancellation of this year’s Corn Palace Stampede Rodeo.
Councilor Jeff Smith supports the lease amendment.
The foundation is continuing with improvements to the leased land west of the Mitchell airport.