In a unique offer, non-profit organizations and communities in counties adjacent to Greene County stand to benefit financially if the Iowa Racing and Gaming Commission approves a license for a proposed casino and entertainment facility in Greene County. Sharing the financial benefits will not decrease funds available in Greene County.
At a press event Tuesday in the south foyer of the courthouse, Grow Greene County Gaming Corp (GGCGC) and Wild Rose Entertainment announced the finalization of their cooperative operating agreement for developing a casino and entertainment complex in Jefferson. As part of the agreement, Wild Rose Jefferson LLC will contribute 5 percent of the adjusted gaming revenues (AGR) generated by the project to GGCGC, the qualified sponsoring organization. (The state requires formation of a qualified sponsoring organization to hold the casino license.)
In promoting the casino referendum last summer, Wild Rose said it would contribute 4.1 percent of the AGR to the sponsoring organization, still above the state-required 3 percent. That is the money disbursed to cities, schools, non-profit organizations, etc. for betterment projects. The figure used this summer was $12 million over 10 years, or $1.2 million per year.
At the higher figure, Wild Rose president and CEO Tom Timmons estimates the contribution at $1.5 million a year. GGCGC will be able to disburse 20 percent of its funds, or $300,000, to projects in contiguous counties and still have the promised $1.2 million for Greene County projects.
“While this is a Greene County project, the benefits are regional in terms of employment, support for local suppliers and vendors, and new entertainment opportunities,” said Norm Fandel, president of GGCGC. “We believe that as a regional project, we should share the nonprofit benefits regionally and support projects and charities in contiguous counties.”
Joe Behrens of Region XII Council of Governments was at the announcement Tuesday. “Our communities are always looking for funding sources. This shows a lot of generosity to put some of those funds back into neighboring communities,” he said.
Timmons said that to his knowledge, the GGCGC/Wild Rose license application is unique in its plan to share benefits with contiguous counties.
Wild Rose Jefferson and GGCGC will file an application for a license with the Racing and Gaming Commission by Jan. 6. The IRGC will then set a date to hear a presentation, possibly in April. The IRGC will visit the county and hold a public meeting to receive comment before making a determination on the license. Timmons expects a decision on the gaming license in May or June.
The proposed $40 million casino resort will feature restaurants, a conference center, and 70-room hotel with amenities. The 20,000-square-foot casino will offer 500 slot machines and 14 table games. In addition to gaming, the resort will offer entertainment and facilities suitable for meetings, conferences, weddings and other community events.
