The brand new Shorelines Casino which launched operation about a month ago in Peterborough, Ontario has been reaping the benefits of its operation and increased interest towards the location over the past few weeks. Information was recently disclosed, pointing out that the Downtown Business Improvement Area has negotiated a considerable financial support which would see payments reaching CA$300,000 allocated to the organization on an annual basis in order to boost its operation.
A total of 25 documents overseeing the negotiations taken place between the DBIA, the Council and City staff were recently publicly disclosed shedding more light on the entire process and how future operation of the casino venue is going to benefit the organization. Since there is a policy that requires a relative disclosure of such information, some part of the nearly 90-documents communication related to the arrangement was issued.
Preparation for the Agreement
Negotiations between Dave Madill, Chairman of DBIA, Real estate and rental company AON President Dave Smith, and Gordon Petch, the lawyer protecting their rights were disclosed. Ontario Municipal Board hearing had to be avoided which prompted the conversation between the aforementioned parties. It could be recalled that the year 2016 saw a joint appeal being filed by the No Casino Peterborough group, AON, and the DBIA.
Daryl Bennett, Mayor at the time appeared to agree with the Chairman of DBIA on many accounts and their shared outlook on the city development aimed to propel ahead the project. Mid-2016 a meeting was arranged between the Mayor and the organization, in an attempt to work on the best solution. Back then the threat of an Ontario Municipal Board appeal hearing was real and the parties were willing to prevent it.
In this very email, a deal for future action was proposed by AON, but its exact parameters remained a secret, as this was the wish of city officials. What should be taken into account is that both parties were willing to provide beneficial conditions for the downtown area and the community.
DBIA and Downtown Benefit from Casino Operation
Back in 2016, the DBIA made it clear via a 57-page document that a casino venue would be more than a positive influence for the downtown area of Peterborough. Throughout the document, the organization comes to prove that the introduction of a new gaming venue has the potential to bring a breath of fresh air to the area and attract quite the crowd in the meantime. In alignment with the City’s Official Plan, this was considered to be the most suitable location for a gaming venue.
In support of this idea communities to the liking of Windsor, Brantford, Thunder Bay, Moncton, London, and Woodstock chimed in. A wide array of businesses were also approving of the casino venue. The following year saw a settlement which would see the DBIA benefit immensely from future operation of the casino venue states that the organization is eligible for CA$150,000 which should be devoted to the promotion of the downtown area.
It should be taken into account that the original arrangement mandates that the downtown-oriented organization bags CA$120,500 for maintaining the central parts of Peterborough. Furthermore, the organization has also inked an arrangement with the casino developer overseeing operation at Shorelines Casino which obligates annual payments of CA$25,000 in the form of sponsorship.
With the help of this substantial funding reaching CA$300,000 on an annual basis and the positive boost which a casino venue could provide the community, Peterborough’s future appears to be brighter than ever. Projections show that the venue will be able to generate CA$6 million to the City in the form of revenue and other mandatory taxes.
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