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Kansas City News Today Kansas City Front Page is a weekly news publication, with daily updates, spotlighting attractions, events, business and hospitality in Kansas City. |
KANSAS CITY NEWS TODAY - Monday, September 22, 2008   Hard Rock Hotel & Casino overlooking Turn 2 at Kansas Speedway is scheduled to open in 2011. (PRNewsFoto/International Speedway Corporation) Hard Rock Hotel & Casino On Track for Kansas Speedway KANSAS CITY, KS, (PRNewswire-FirstCall), September 22, 2008 - International Speedway Corporation and The Cordish Company have announced that Kansas Entertainment, LLC ("KE"), a 50/50 joint venture between Kansas Speedway, a wholly owned ISC facility, and Cordish, has been awarded the casino management contract for Wyandotte County, Kansas, by the Kansas Lottery Gaming Facility Review Board. The Hard Rock Hotel & Casino at Kansas Speedway is scheduled to open in 2011. "We are extremely pleased that the Review Board has chosen our Hard Rock Hotel & Casino as the preferred project," stated ISC President, Lesa France Kennedy. "They recognized that our proposal will drive the most tourism and provide the greatest economic benefit to the state and local community." Ms. France Kennedy continued, "Kansas Speedway continues to be a tremendous success, with an annual economic impact of almost a quarter billion dollars to the state and local community. Combined with the Hard Rock Hotel & Casino development and related commitments from KE as part of its proposal, a collective economic impact in excess of $620 million is expected to be generated each year for the benefit of the taxpayers of Kansas." The 1.5 million-square-foot, Hard Rock Hotel & Casino will include a 300-room luxury hotel; a state-of-the-art casino with 3,000 slot machines and 140 gaming tables; 275,000 square-feet of destination retail, dining and entertainment including a live music venue; first-class resort amenities; and extensive meeting and convention facilities. During construction of the hotel and casino entertainment development, KE will open and operate a first phase casino, beginning in 2009, with approximately 2,000 slot machines and 75 gaming tables. The project is expected to cost approximately $705 million to construct. Depending upon market conditions, the joint venture anticipates contributing between 20 and 40 percent in equity with the remaining portion expected to be funded by non-recourse, secured debt financing. "The Hard Rock Hotel & Casino at Kansas Speedway will be one of the most exciting developments that Cordish has undertaken," stated Cordish Chairman, David Cordish. "This project will set a new standard in gaming entertainment excellence, and we appreciate the collective confidence of the members of the Kansas Lottery Gaming Facility Review Board that recognized the tremendous opportunity our proposal provides for the citizens of Wyandotte County and the state of Kansas. Today's award by the Review Board is especially gratifying given the outstanding caliber of the competition we faced from international gaming companies, including Sands, Pinnacle, Golden Gaming and Mohegan Sun." Included in KE's proposal was ISC's commitment to petition NASCAR to realign a second NASCAR Sprint Cup Series race to Kansas Speedway by no later than 2011. The source of the race, which will come from one of ISC's other facilities, has not been determined. "The combination of a premium-branded Hard Rock Hotel & Casino with a major motorsports entertainment facility is destined to become one of the foremost sports and leisure destinations in the country," added Ms. France Kennedy. "This project, along with our 50/50 joint venture with Cordish to develop Daytona Live!, exemplifies ISC's ability to unlock the value of its assets to create distinctive year-round destination centers that increase shareholder value. We are encouraged by the potential of these projects and will explore similar long-term opportunities at our other facilities that are market appropriate." KC Dream Home Program Opens Application Process KANSAS CITY, KS, (kansascityfrontpage.com), September 22, 2008 - The City of Kansas City, Mo., Housing Development Division of the City Planning and Development Department is now accepting applications from first-time homebuyers for the KC Dream Home Program. The KC Dream Home Program assists low- to moderate-income first-time homebuyers and displaced homemakers purchase a home of their choice within the city limits of Kansas City, Mo. The program provides homeownership opportunities to people who may otherwise lack the resources to own their own home. Assistance will be provided in the form of a second mortgage loan equal to 20 percent of the purchase price, with a maximum of $20,000 per home for down payment and closing costs. Loans will be underwritten at 0 percent interest and will be forgivable after the owner has owned and lived in the house for 10 years. No monthly payments are required. Housing and Urban Development recapture provisions will apply to homes sold or re-financed without City approval prior to conclusion of the ten-year affordability period. The City will provide funds for this program through the Housing and Urban Development's American Dream Down Payment Initiative Program and the Home Investment Partnership Act program. Applicants must meet income eligibility requirements, homeowner eligibility requirements and purchase a home meeting program requirements. Household incomes may not exceed the following: - One person $38,300 - Two people $43,800 - Three people $49,250 - Four people $54,700 - Five people $59,100 - Six people $63,500 The City will not establish any minimum underwriting requirements regarding the consumer's down payment or out-of-pocket expenses. The underwriting criteria and programs already in use by participating lenders are suited for first-time homebuyers. Houses must be located within the city limits of Kansas City, Mo., the sale price of the home must not exceed $150,000 and the purchase price must not exceed the appraised value. Interested persons should contact one of the participating lenders to apply for the program. Participating lenders and other program information can be viewed at www.kcmo.org/planning.nsf/web/kcdream. Kauffman Foundation Announces $2.75 Million in Grants to Eight Community Organizations KANSAS CITY, KS, (kansascityfrontpage.com), September 22, 2008 - The Kauffman Foundation has announced grants totaling $2.75 million from its Legacy Fund to eight local, iconic community organizations to assist them in carrying out their missions. The announcement coincides with the celebration of Ewing Marion Kauffman's 92nd birthday on Sept. 21. The Foundation's Board of Trustees established the Legacy Fund in 2004 to honor Ewing Kauffman's hometown and his commitment to the community. "The Legacy Fund formalizes our ongoing dedication and commitment Kansas City," said Carl Schramm, Kauffman Foundation president and CEO. "As a foundation with national and even international reach, we remain proud of our hometown and want to honor Mr. Kauffman's legacy by continuing his commitment to making Kansas City world-class." The Kauffman Legacy Fund recipients are: $1 million to Liberty Memorial Association $250,000 to Harry S. Truman Library Institute $250,000 to Kansas City Ballet $250,000 to Kansas City Friends of Alvin Ailey $250,000 to Kansas City Repertory Theatre, Inc. $250,000 to Kansas City Zoo $250,000 to Rose Brooks Center, Inc. $250,000 to Samuel U. Rodgers Health Center Foundation, Inc. "We are privileged to do the work of this foundation, Mr. Kauffman's foundation, and we thank each of these organizations for the vitally important role they play in our community," Schramm said.   The Kansas City Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Kansas City area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 2007 - 2008 Moore Design Group. |
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