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Canterbury Park Holding Corporation to explore real estate development adjacent to racetrack26 November 2014SHAKOPEE, Minnesota -- (PRESS RELEASE) -- Canterbury Park Holding Corporation (CPHC) announced that today it has entered into a non-binding Letter of Intent with Kraus-Anderson, Incorporated (KA) related to the development of excess and underutilized property adjacent to its racetrack in Shakopee, Minnesota. Pursuant to the Letter of Intent, Kraus-Anderson will conduct due diligence to determine the feasibility of developing a portion of the land owned by CPHC into a mixed use center that could include retail shops, restaurants, entertainment and multi-family housing, as well as other compatible uses. If Kraus-Anderson is satisfied with the results of its due diligence, the Letter of Intent contemplates that the parties will negotiate a mutually acceptable comprehensive development plan and enter into a binding Development Agreement. Randy Sampson, Canterbury Park’s President and CEO commented: “We have stated for many years our goal of developing a destination lifestyle retail and entertainment center adjacent to our Racetrack and Card Casino. We are very pleased to have the opportunity to work toward that goal with Kraus-Anderson, a great construction and real estate development company that has considerable experience with similar mixed use projects. Kraus-Anderson built the race track in 1985 and has worked with us on many successful construction projects over the years. Our familiarity with KA and their knowledge of Canterbury Park provides a great starting point for this expanded relationship.” Mike Korsh, Vice President and Director of Real Estate Development for Kraus-Anderson Realty said, “Canterbury Park has established itself as not only a first class racetrack, but also a year-round entertainment destination. They have a great location in Shakopee, a community that is experiencing tremendous growth in both population and jobs. We are excited to have the opportunity to explore these development opportunities with Canterbury Park.” About Canterbury Park: Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack and Card Casino, Minnesota’s only thoroughbred and quarter horse racing facility. |