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Horseshoe casino may pay dividends

COUNCIL BLUFFS, Iowa – As reported by the Daily Nonpariel: "The city of Council Bluffs wants to tap into the property valuation of Horseshoe Casino to help pay off its debt for streets and sewers surrounding the Mid-America Center.

"According to City Finance Director Scott Sanders, there is a need to add more tax revenue from areas such as the Horseshoe property to ensure sufficient revenue will be generated to make annual debt payments and repay interfund city loans that have been used to make payments.

"Lack of private development on property surrounding the MAC in the first few years after the facility was built resulted in lower property tax revenues than city officials originally anticipated.

"…The money generated from the Horseshoe proposal will go into a Tax Increment Financing account and not to other taxing entities, including schools, he said…"

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