Funding for new Hard Rock Hotel and Casino - KTIV News 4 Sioux City IA: News, Weather and Sports

Funding for new Hard Rock Hotel and Casino

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SIOUX CITY, Iowa (KTIV) - The Hard Rock Hotel and Casino is a $128,000,000 project.

Twenty-two million is coming from the city of Sioux City.

So far, the city has paid $11,000,000 that's half of its commitment.

The financial package is divided into four equal payments of $5,500,000 dollars.

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

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

The second was to have construction 30% completed.

The next payment will come when 60% of construction is finished.

And the last payment is due when the Hard Rock is ready to open.

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