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Tails
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Posted - 08/27/2013 : 3:34:56 PM
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Casino deal inked — Boston could collect $52M a year
Mayor Thomas M. Menino and Suffolk Downs have reached a deal for a proposed casino, above.
The city of Boston will get up to $52 million a year from a proposed East Boston casino while the developers will pay $45 million for infrastructure improvements, including a Route 1A flyover, shuttle service and water taxis, according to a deal struck today between Suffolk Downs and Mayor Thomas M. Menino.
Under the deal, which was signed by Menino today and must be approved by voters:
• Suffolk Downs and its partner, Caesar’s Palace, will pay the city a minimum of $32 million per year from gaming revenue, a figure expected to reach $52 million annually;
• East Boston will receive a one-time, “up front community fee” of $33.4 million, which will be used on improvements to Umana School, a new youth and senior center, new parks, and other projects;
• The developer will pay $20 million annually into a community trust “to mitigate impacts” across the city;
• The casino must spend $50 million annually on goods and services in Boston, including $5 million in Eastie; and
• The developers will build a Route 1A flyover, spend $9 million on new roadways, renovate the Suffolk Downs MBTA station and add bike lanes, Hubway rental kiosks and pay for water ferries and shuttles.
The deal requires the casino to create 16 acres of new open space, reduce the existing pavement at the racetrack by 12 acres and create bike paths, parks and pedestrian walkways. The agreement calls for Suffolk Downs to partially open within 14 months of the start of construction with a full opening a year later. Under that timeline, the casino wouldn’t open until at least 2016.
“The agreement I have just signed has more revenue, more guaranteed jobs and more protections than any other agreement in the region and the commonwealth,” Menino said.
The pact also calls for stiff penalties if the project is delayed, requiring Suffolk Downs to pay $55,000 a day for construction delays and $88,000 a day for missed payments.
The $1 billion proposed casino will include up to 250,000 square feet of gaming space, a massive poker room, up to 6,600 slots and table games, two luxury hotels with a total of 450 rooms, 30,000 square feet of retail space, a seven story parking garage and dozens of restaurants and shops. The project will create 4,000 permanent jobs and 2,500 construction jobs, city officials said.
The deal must be approved by voters within 60 to 90 days while Suffolk Downs has until Dec. 31 to send its final application to the state, along with the approved agreement.
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CASINO
Posted - 08/26/2013 : 11:37:50 AM
