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Ohio Port Authority Eyes Casino Revenue

LORAIN, Ohio – As reported by the Ohio Morning Journal: "The Lorain Port Authority is holding off a vote on selling 8.5 acres of its Black River Landing to the Eastern Shawnee Tribe of Oklahoma while it weighs the chances of getting a percentage of the revenue from a proposed casino project, according to several sources involved in the deliberations.

"The Port Authority's nine-member board of directors met last night to discuss amendments to a purchase-option agreement negotiated between the city and the Eastern Shawnee. The tribe is proposing to purchase 26.23 acres from the city for $13.2 million, 17.7 acres at the site of the former Lorain Pellet Terminal for $10.3 million and the Black River Landing parcel for $2.9 million.

"…Most of the Port Authority's board members indicated that the price for their property is fair, but they wanted to explore options of sharing casino proceeds and other provisions to protect the land from simply becoming a parking lot if casino-style gambling isn't eventually approved in Ohio.

"Under a proposed intergovernmental agreement, the city would get 1.5 percent of the revenue from the casino for the first 10 years, and 2 percent after that, totaling about $7 million a year…"

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