General Board Meeting called to order at 3:00 p.m. by President Mr. Schloss. Present were Directors Mr. Schloss, Mr. Bettag and Mr. Meyer, Chief Svetanics and Ms. Vincent. Also present were District Accountant Joe Schnieders and Mr. Mark Brady of the St. Louis County Economic Council to speak on the updates on the Pinnacle Casino Project.
Mr. Brady reported that the Webber Road access from Highway 55 in on track to be completed by the end of the year-weather permitting. Mr. Brady discussed that St. Louis County will be in charge of road permits and repair of the road once the facility opens.
Mr. Brady stated that the National Lead site cleanup is completed at a cost of $20 million. Mr. Brady reported that they capped the environmental contamination with 1.5 million tons of fill material which covers the entire site.
Mr. Brady discussed that the original plans for the casino, hotel and retail, which were set at $300 million, has been upped to $450 million, with Phase I at $375 million and Phase II at $75 million. Phase II has to be finished within 3 years after Phase I has been completed.
Mr. Brady answered questions from the Board of Directors concerning tax revenues and that the District will probably not see any until year 2010.
Motion by Mr. Bettag to adjourn general meeting at 4:02 p.m., 2nd by Mr. Meyer, roll call vote Mr. Schloss aye, Mr. Bettag aye, Mr. Meyer aye.
Respectfully submitted,
John C. Bettag, Secretary
JCB/pgv