Hard Rock backers have already received $5.5 million from city - KTIV News 4 Sioux City IA: News, Weather and Sports

Hard Rock backers have already received $5.5 million from city

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The Hard Rock Hotel and Casino is a $128-million project.  Twenty-two-million dollars are coming from the city of Sioux City.  The financial package is divided into four equal payments of $5.5 million.

Sioux City Entertainment has to reach certain construction benchmarks to receive payment.

The first is to have the property purchased and all agreements in place to begin construction.

The second is to have construction 30% completed.  The third payment will come when 60% of construction is finished.  The last payment is due when the Hard Rock is ready to open.

City officials confirm that Sioux City Entertainment has received the $5.5 million payment.

With the Hard Rock originally set to open next summer, the agreement states that the property will be assessed at $51-million beginning January 2015.

When asked if Sioux City Entertainment will be required to pay the full assessment if the casino isn't allowed to open, acting City Manager Bob Padmore said that normal practice dictates there be some liability for the property owner to pay for the incentive given to them.

As of Wednesday construction continued at the Hard Rock site.

 

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