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Wednesday, September 17, 2014
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Clairvest making appeal Wraps coming off casino plan

Monday, June 16, 2014 - Updated: 10:23 AM

By NICOLE ANTONUCCI

nicole.antonucci@recordernews.com

Clairvest Group Inc., the investment firm seeking to build a casino in Montgomery County, will unveil its plans tonight in the town of Florida.

Representatives from the Toronto-based firm, along with the site's developer, are scheduled to speak about how they will develop the 512-acre site off Thruway Exit 27, along with the local financial impacts and potential changes in the application process.

The meeting is scheduled at 7 p.m. in the Florida town hall.

"We will be discussing how we -- more than other potential sites -- fit the intent of the legislation," Montgomery County Executive Matthew Ossenfort said this morning. "We are an upstate community that can benefit the most and it can have a transformational impact when it comes to the revitalization of the municipalities within the county."

The scope and scale of the project are expected to be unveiled, providing figures about the potential number of permanent jobs, the expected revenues generated locally and through property taxes, and gaming revenues.

Calls to Clairvest Group Inc. this morning were not immediately returned.

According to Montgomery County Economic Development and Planning Department Director Kenneth Rose, representatives will also speak about the application process and their plans to request a six-month extension to the application filing deadline as well as a request that the licensing fee be deferred.

"Our project is a true destination resort type project," Rose said. "The project team is large. it is going take them more time to put the RFA together and get it in on time."

As for the $50 million licensing fee, Clairvest is seeking to defer $25 million, Rose said.

"The gross gaming revenues are not what they would be in the Capital District region," Rose said. "The economics and the numbers don't work on our site without making this deferment."

These requests are being made two weeks before applications for the casino are due into the state Gaming Commission on June 30.

Clairvest Group is among 19 entities in pursuit of four casino licenses in the Catskills, Southern/Finger Lakes and capital regions. Clairvest will also make a presentation before the city of Amsterdam Common Council Tuesday night.

After the presentations, the Florida and Amsterdam councils will be asked to pass new resolutions of support for a casino in their municipalities.

As a condition of submitting an application for a gaming license, each applicant is required to submit a resolution passed by the local legislative body of its host municipality supporting the application.

The town had passed a resolution of support in February and March, but they did not include the name of the developer and would not be accepted by the state, according to the guidelines released May 20.

The Montgomery County Budget and Finance Committee is expected to pass a resolution of support to the full legislature at Tuesday's meeting.

     

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