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Tachi Yokut Tribe Completes $57 Million Gaming Finance Deal

Tribal Chairman Clarence Atwell, Jr. said he is pleased the transaction moved so swiftly and stressed the economic impact the casino's expansion will have on the tribal community.

``This is a very important project for our tribe,'' he said. ``It marks the beginning of a bright new future for our children and grandchildren. This gaming facility will bring jobs, boost the local economy and proceeds will be used to build houses, provide scholarships and address the medical and educational needs of our tribal members.''

Chairman Atwell also praised the efforts of Miller & Schroeder, the tribe's attorneys and tribal staff. ``It was a real team effort and the deal was concluded in the unprecedented time period of 10 weeks. We sincerely appreciate the efforts, service and commitment of all those involved.''

The Palace Casino grand opening will be Aug. 26, 2000. With 2000 slots and table games, buffet and dining facilities, it is the first all-new, full-service casino in California since the compact initiative was passed earlier this year.

Jeffrey Lamb, Vice-President of Miller & Schroeder Financial's Phoenix, Ariz. office, stated, ``We are proud of the role that we played in completing and opening this fabulous facility on behalf of the Santa Rosa Rancheria tribal community.''

Steven W. Erickson, Managing Director of Miller & Schroeder Financial, Inc., and head of the firm's Gaming Finance Division, stated, ``With today's announcement we maintain our position and commitment as the industry leader in Indian gaming finance transactions.''

Harold Monteau, an attorney for the tribe, said the deal is significant because it preserves the tribe's desire to maintain management control of the casino.

``The terms of the loan in this transaction are much more preferable to a tribe that wants to maintain self-management,'' he explained. ``A management contract through the National Indian Gaming Commission can sometimes obligate a tribe to pay the managers 30 to 40 percent of tribal gaming profits under the 1988 Indian Gaming Regulatory Act.''

Monteau and Peebles, a nationwide law firm specializing in federal-Indian law, represented the tribe. Monteau is also a former chairman of the National Indian Gaming Commission.

Miller & Schroeder Financial, Inc., Minneapolis, specializes primarily in fixed income investment banking, including public finance, mortgage banking and construction lending, gaming finance and corporate debt securities. It employs approximately 200 people in nine offices in seven states.

The Santa Rosa Tachi Tribe has about 660 members and is located in central California. The tribe owns and operates its own gaming facility.

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