COUNTY OF SULLIVAN INDUSTRIAL DEVELOPMENT AGENCY
One Cablevision Center
Ferndale, New York 12734
845-295-2603
Contact: Jennifer C.S. Brylinski
County of Sullivan Industrial Development Agency
Executive Director
Phone: 845-295-2603
Email: scida@hvc.rr.com
Date: August 28, 2014
FOR IMMEDIATE RELEASE
IDA APPROVES ASSISTANCE TO THE
MOHEGAN SUN AT THE CONCORD PROJECT
Monticello, New York – Amid smiles and applauds, on Wednesday, August 27, 2014, the County of Sullivan Industrial Development Agency (IDA) board approved financial assistance for the Mohegan Sun at the Concord / Concord Associates project to be located at the site of the former Concord Hotel in the Town of Thompson.
Though a project on the Concord site was originally approved by the IDA in 2008, it became clear this year that changes to that agreement were necessary. An amended application was received by the IDA in early August and documents were then revised to reflect a higher Payment in Lieu of Tax (PILOT) base, which translates into higher revenue being brought into the affected taxing jurisdictions. The IDA believed that a project that included a Class III gaming facility should pay higher PILOT payments than those negotiated in 2008, before the voters of New York approved the Upstate NY Gaming and Economic Development Act.
Bryan Cappelli, Chief Operating Officer of the Cappelli Organization and spokesman for the project, explained at the meeting that project lenders prefer a contractual PILOT payment versus the uncertainty of a future unknown assessed value and a hard to predict real estate tax bill. This is one reason why casino applicants, such as The Nevele in Ulster County, The Traditions Casino in Broome County, and Tioga Down in Tioga County, are relying on their respective IDAs to help make their projects economically viable. Having these documents in place now will assist the Mohegan project during its ongoing financing discussions with prospective lenders.
Cappelli also stated that, “We will be in the best position to succeed with our casino license application if we receive an approval and sign transaction documents memorializing our job creation commitment and our agreement to make substantial PILOT payments.” Getting the IDA’s approval prior to the presentation Mohegan Sun will make to the State Gaming Facility Location Board on September 9th provides them with one more item of readiness to stress in their presentation.
The IDA Board unanimously approved the Project. After the vote was taken, IDA Chairman Ira Steingart stated that it was a proud moment and praised the IDA and the applicant for reaching an agreement that will provide predictable payments in lieu of tax that are needed by our local taxing jurisdictions. Steingart stated that the IDA “…is pleased it could help give the project the best chance to receive a license and become a success.” He also stated that he was proud to be part of an IDA Board with its foresight to do the right thing for the County.
For additional information regarding the IDA and this project, please contact Jennifer CS Brylinski at the IDA at 845-295-2603.
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