Cedar Rapids Authorities Units Apart Metropolis-Owned Land for On line casino
The Cedar Rapids Metropolis Council voted Tuesday night in favor of setting apart city-owned land for the potential growth of a business on line casino resort. The parcel is situated simply west of the downtown space.
An aerial view of the roughly 25-acre plot of land owned by the Cedar Rapids authorities. The parcel has been entered right into a right-to-purchase settlement with an funding group that desires to construct a on line casino there. Iowa state lawmakers have handed a moratorium on new on line casino licenses being issued till at the very least July 2024. (Picture: Google Maps)
A gaggle of about 80 native businesspeople who shaped an entity known as Cedar Rapids Improvement Group (CRDG) has partnered with Los Angeles-based Peninsula Pacific Leisure (P2E) to convey a business on line casino to Iowa’s second-largest metropolis. CRDG has unsuccessfully sought a state-issued gaming license since 2014.
The Iowa Racing and Gaming Fee (IRGC) sided with the state’s on line casino pursuits in rejecting the Cedar Rapids on line casino software in each 2014 and 2017. It was carried out on claims that the state already has sufficient casinos, and one other would damage the present operators.
After neighboring Nebraska approved Las Vegas-style casinos at horse racetracks in 2020, Iowa lawmakers handed a invoice that stops the IRGC from issuing further gaming licenses till July 1, 2024.
Ready Recreation
The CRDG isn’t folding on its on line casino ambitions regardless of the non permanent moratorium on new gaming licenses.
Together with the CRDG traders, Cedar Rapids’ elected officers have voiced their considerations with the state persevering with to miss the city for a potential on line casino. Cedar Rapids Mayor Tiffany O’Donnell (R) unsuccessfully pleaded with Gov. Kim Reynolds (R) to veto the on line casino moratorium statute.
The Metropolis Council on Tuesday ratified an settlement for the roughly 25-acre website, situated between F and I Avenue NW and First and Fifth Streets NW, that will enable CRDG to buy the tract ought to it at some point obtain a on line casino license.
CRDG and Peninsula Pacific have proposed a on line casino resort growth known as Cedar Crossing. The vacant property is the place Cooper’s Mill stood earlier than it was demolished in 2017.
We’re happy that the Cedar Rapids Metropolis Council has taken the following step to make Cedar Crossing a actuality,” Jonathan Swain, president of Peninsula Pacific Leisure, mentioned in a press release. “Cedar Crossing would be the finest on line casino development challenge that Iowa has ever seen, and it’ll enable us to stay out our mission of service, high quality, and group by way of charitable giving amongst Linn County nonprofits and funding to the Metropolis of Cedar Rapids.”
The phrases of the property deal require CRDG to instantly pay the town $165K to ascertain the right-to-purchase contract. The choice runs by way of 2025.
If the state hasn’t issued CRDG a business gaming allow by the preliminary deadline, the group would have the choice to increase the right-to-purchase settlement by one other 12 months for an additional $55K. Ought to CRDG acquire a gaming concession, the group would buy the land from the town at a good market worth.
Early Particulars Emerge
The proposed blueprint for Cedar Crossing features a 160,000 sq. toes complicated. The $250 million challenge would function a on line casino, eating places and bars, and a 1,500-seat leisure venue.
Cedar Rapids Council Member Scott Overland voted in favor of designating the city-owned land for a potential on line casino. However he received’t be betting on the resort quickly coming to fruition.
“It’s as much as the Racing and Gaming Fee,” Overland mentioned. “It’s a extremely political scenario, and I wouldn’t be betting my lunch tomorrow {that a} license comes round any time quickly.”
