Some of the workers at the construction site said they didn't even know about the court's rulingMore >>
Some of the workers at the construction site said they didn't even know about the court's ruling. More >>
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
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
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