Casino news from http://www.hawkcentral.com/
Now that he's opened a new casino, Dan Kehl and his partners are buying 400 acres right across the street -- the ideal spot, they say, for the proposed Earthpark project.
The land, previously owned by River Products Co. Inc., has a 42-acre lake in the middle, more than 100 acres of developable land, wetlands and farmland, said Kehl, who is the casino's CEO.
Kehl, brother and business partner Bobby Kehl and casino Chief Financial Officer Ken Bonnet own KKB Real Estate, which is purchasing the land across from the Riverside Casino & Golf Resort on Iowa Highway 22. Kehl de-clined to say how much the land cost.
Earth-park officials are looking at either Riverside or Pella for their $155 million project and could possibly decide as soon as Thursday. Plans call for a 3.5-acre indoor rain forest, a 200-room hotel with an attached indoor/outdoor water park, a 2,000-seat amphitheater and retail area.
Kehl said deposits on the land were made earlier this year. The eastern half of the property will be closed on within the year, he said, while the other half will be purchased next year.
In addition, Kehl has said his family would give $2 million and the casino would give $10 million during the next 10 years for Earthpark. Pending approval, the Washington County Riverboat Foundation -- the nonprofit group that holds the gambling license -- also would contribute $8 million during the next 10 years.
The Earthpark board is committed to taking some action at its meeting next week, project director David Oman said earlier this week, but board members could use the meeting to request more information and not vote.
Earthpark leaders expect the project to bring 400 to 500 jobs within 2½ years, 150 permanent jobs, 1 million annual visitors and an economic impact of $130 million annually.
In addition to the $25 million in local funding, the project would be supported by a $50 million Department of Energy grant secured by Sen. Chuck Grassley, R-Iowa, $15 million to $20 million in state funding and the rest from debt financing.
The park is expected to open during the 2009-2010 school year.
If Earthpark officials choose Pella, Kehl said the land across from the casino will still be developed.
"Without the Earthpark, we'll have to look really hard at any investments," he said. "Right now, we're looking at other development options for the land."
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