When City Council holds a special meeting Wednesday its expected to commit to allowing Gateway Casinos to build in North Bay, a site location, and sign a revenue share agreement called the Municipality Contribution Agreement (MCA).
The information comes in a report from CAO Keith Robicheau.
The current MCA sets out the share of casino revenues to host communities, beginning with 5.25 per cent of the first $65 million of Electronic Gaming Revenue in each operating year, and also includes 4 per cent of Live Table Games Revenue.
For example, if the Electronic Games Revenue and Live Table Games Revenue for an Operating Year is $650 million and $100 million respectively, then the applicable Annual Contribution for such Operating Year would be $19,712,500.
"At this time, it is not appropriate to speculate about the annual revenues and the assessed value of a casino," says Robicheau's report. "Similarly, this report makes no projections of the share of revenue and property taxes the municipality may receive. A prudent and fiscally conservative approach is to do so following completion of construction and after commencement of operations."
The report also says the casino will generate wages and benefits associated with more than 200 jobs, which will have benefits locally and within the region.
"Casino operations will also involve purchases from local and regional businesses, suppliers and organizations. Depending on the volume of purchases, this support of local businesses may result in additional job creation. As operator, OLG has sponsored festivals and events in host and area communities. Annual property taxes will be paid by the casino operator to the host municipality."
Last week, BayToday was the first to report that Gateway plans to invest $31.3 million in constructing a 37,000 sq. ft. Cascades Casino with 14,100 sq.ft. of gaming space, 300 electronic games, 10 table games, a MATCH Eatery & Pub House and The Buffet restaurant.
The planned opening is in the spring of 2020.
See: North Bay's 'Cascades Casino' to open in spring of 2020
Robicheau says two properties on Pinewood Park Drive have zoning that includes a casino as a permitted use. The Council of the City of North Bay approved the rezoning of both properties in 2014. Both exist as Council approved sites for casino development.
"The development of a casino at any other location in North Bay would require at least a rezoning and could require both an Official Plan and Zoning amendment. A public process and Council approval under the Planning Act would be required."
Robicheau will tell Council it has the option of accepting or rejecting the recommendations contained in this report but no other options are presented at this time.
Council's special meeting will take place in the council chambers on Wednesday at 5 p.m.
