An earlier rendering of a proposed event center in downtown Lawrenceburg. The project maybe downsized from the rendering seen here due to budget constraints said Mayor Bill Cunningham. City of Lawrenceburg

(Lawrenceburg, Ind.) - Lawyers from the City of Lawrenceburg and Hollywood Casino are hammering out the final points in an agreement to build a downtown convention center.

The proposed $49 million event center would be built at the corner of Walnut and High streets.

There have been public meetings held by Lawrenceburg City Council each week for the past couple months as talks between the casino and the city have progressed.

Three more public meetings are scheduled, including a hearing Tuesday, August 23 at 6:00 p.m. at the Lawrenceburg Fire House, 300 W. Tate Street.

The city would contribute $25 million in grants towards the project which could create up to 100 permanent jobs, plus more temporary construction jobs.

Hollywood Casino parent company Penn National Gaming would receive a $14 million, 20 year loan at four percent interest, generating $6.6 million for the city over the life of the loan.

Because the center would be in a Tax Increment Financing, or TIF, district, the city will invest $10 million which will generate a return of $21 million over 20 years.

Penn National will also chip in $1 million in equity.

Mayor Bill Cunningham said current plans for the center include a 120-room hotel, ballroom, meeting rooms, concert venue, and restaurant.

LINKS:

Candidate Opposed To L’burg Event Center

L'burg, Casino Nearing Event Center Partnership