EAST CHICAGO | An agreement for splitting up annual casino income between a major nongovernmental recipient and the city appears likely after a closed-door meeting.
Mayor Anthony Copeland, executives from the Foundations of East Chicago and six City Council members met in a private executive session Friday and emerged to suggest that an
Copeland said Saturday details of the plan to be presented for approval by the Indiana Gaming Commission on April 26 could be made public after another executive session Thursday.
A 1997 local development agreement with state gaming officials divided 3.75 percent of the lakefront casino's revenue among the city, the nonprofit Foundations and the for-profit East Chicago Second Century Inc.
That money has accumulated in an escrow account since distribution was frozen through a 2005 city lawsuit against Second Century over the company's use of its casino funds, and now exceeds $9 million.
Indiana Attorney General Greg Zoeller, whose office partnered with the city on the legal action, declared the old development agreement dead last month. He proposed the Northwest Indiana Regional Development Authority administer oversight of the money.
All parties Friday agreed that the casino revenue belongs to the people of East Chicago and should be used for the economic development of East Chicago, Copeland said, and for the funds to remain locked in escrow is "a worst-possible outcome."
"There's a lot to think about," said Russell Taylor, Foundations executive director. Some numbers needed to be crunched, he said, and some options figured out, but working with the city was in the best interests of everybody.
The Foundations have the infrastructure in place to distribute the resources, Copeland said, and the process will be conducted "fairly, equitably and in the eyes of the public."
Participating in Friday's discussion were Copeland and his staff, Taylor and the Foundations board, and council members Adrian Santos, D-1st, Lenny Franciski, D-2nd, Jimmy Ventura, D-3rd, Gilda Orange, D-6th, Myrna Maldonado, D-at large, and Juda Parks, D-at large.
| < Prev | Next > |
|---|
Copyright © 2024 ToCasino.net Online Casino. All Rights Reserved. Designed by