A rending of what the Lawrenceburg Event Center and Hotel could look like from across the intersection of High and Walnut streets.
(Lawrenceburg, Ind.) – Although work has already began at the Lawrenceburg Event Center and Hotel site – as evidenced by the excavation done to the river levee and heavy equipment – a ground breaking ceremony will be held Tuesday afternoon.
The ground breaking will be held at 5:00 p.m. at the corner of Walnut and High streets. City of Lawrenceburg officials, project managers, and others will attend the event.
Construction crews got to work at the site last week by demolishing a parking lot and excavating the grounds. Utility installation is on the agenda this week, according to Messer Construction, the company overseeing the event center construction.
The $40 million, 220,000 square foot event center will feature a 180 room hotel, event space, a restaurant and meeting rooms. Messer Construction expects the facility to open in the first quarter of 2014, if the project remains on schedule.
The project is being financed by the City of Lawrenceburg, but will be owned and operated by Hollywood Casino owner Penn National Gaming when it is complete.
According to an earlier Eagle 99.3 story, the project will be funded by $25 million in grants. Penn National 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. The center is also in a Tax Increment Financing, or TIF, district, allowing the city to invest $10 million which will generate a return of $21 million over 20 years. Penn National is contributing $1 million in equity.
Tuesday's ground breaking will be the second for the project. Former Lawrenceburg city leaders and others celebrated the start of the project soon after an agreement was signed with Penn National Gaming in October of 2011. Construction was planned to begin earlier this year, but was delayed by neccessary approvals from the U.S. Army Corps of Engineers regarding the building's impact on the Ohio River levee.