A conceptual sketch of what a future downtown
Lawrenceburg convention center could look
(Lawrenceburg, Ind.) - Four more meetings have been scheduled for Lawrenceburg City Council to work towards a proposed hotel and event center to revitalize downtown.
The $49 million center would be built at the corner of High and Walnut streets. It would eventually be owned by Penn National Gaming, the Pennsylvania-based company which owns Hollywood Casino.
City Council has held a public meeting each week for the past few months to work towards an agreement with Penn National. Council’s next public work sessions regarding the project will be September 6, 13, 20, and 27 at City Hall. Each meeting will begin at 4:30 p.m.
Engineering firm American Structurepoint’s specifications on the center call for a 180 room hotel, restaurant, meeting rooms, a 7,500 square foot ballroom, and an 18,000 square foot exhibition room capable of holding concerts and other events such as proms and conventions.
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.