Hunter
12/19/24
The Cedar Rapids City Council has given approval on a development agreement for the proposed Cedar Crossing casino project.
The Gazette reports the agreement says the Cedar Rapids Development Group will buy the city-owned property at fair market value if they receive a gaming license. Cedar Crossing would then make monthly payments to the city’s Community Betterment Fund to support economic development, affordable housing, trails and infrastructure, amenities or other activities starting one year after the facility opens and will continue in perpetuity while it operates a casino.
The payments would be 2.25% of net gaming revenue and be in addition to the 8% the casino would give to local nonprofits.
The Cedar Rapids Development Group development hinges on a gaming license from the Iowa Racing and Gaming Commission. They are scheduled to vote on the Linn County casino application February 6th.