Butler gets the contract on a 5-2 vote. Board Chairman Matt All and Jim Bergfalk supported the D.C. Resort proposal. The other members favored Butler. Next up, a background check.
12:38 p.m. update: Butler gets the contract on a 5-2 vote. Board Chairman Matt All and Jim Bergfalk supported the D.C. Resort proposal. The other members favored Butler.
Next up, a background check.
12:30 update: Executive session concludes at 12:20 p.m.
Board seems to be inclined to favor Butler based on higher financial commitment. Board member Jack Brier makes motion to select Butler.
Board member Jackie Vietti says Butler showed it had the needed financing and likes the creation of the Mariah Fund.
Noon update: The review board has extended its executive session until 12:17 p.m.
11:40 update: Clark Stewart thanks board, cites community support for Butler's project. Review board going into executive session for 30 minutes to discuss confidential information related to proposals. Time for closed session: 11:30 a.m. until noon.
11:35 update: Next up: Clark Stewart, president of Butler National, says company appreciates opportunity to put additional evidence together.
Clark Stewart: "As a result of our week's worth of work, we're pleased to tell you that our financing did not change."
Stewart says Kaw Valley Bank has made a $20 million commitment to the project and a $45 million commitment from Merrill Lynch for the second phase of the project. Says company has a 35 percent equity position at this point, and both Kaw Valley and Merrill Lynch appear comfortable with that position.
11:30 update: Steven Joseph continues ... "What we've designed is a project that
deals with the low end of the gaming revenues because nobody knows for
sure what the gaming revenues will be."
Says that D.C. Resort's opponent, Butler, has designed its project to address the high end of gaming revenues.
Joseph says that Dodge City Resort and Gaming's project is
designed to grow. Says at the end, the complex will boast 1,200 games and 400 hotel rooms.
The board has no question for Joseph.
11:15 a.m. update: First up, Steve Joseph, president of Dodge City Resort and
Gaming. Joseph gets 10 minutes to speak on financial issues. Joseph says
in a limited time period, D.C. Resort was able to produce a letter of
intent from Equity Bank demonstrating company's funding capacity. Says
the company can finance the project without turning to a bank for
10:30 a.m. update: Daily Globe reporter Eric Swanson is in Topeka today, waiting to find out which developer will be selected and manage Ford County's state-owned casino. Discussions begin at 11 a.m.
Stick with dodgeglobe.com as we live-blog the discussion and be the first to know.