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The company is acquiring the property from the county in exchange for a right-of-way of 0.492 acres to be used by the Miami-Dade Metro Rail, an overhead light rail system.
As part of the deal the county purchased an easement of 0.492 acres from FGMG for USD1.014m.
The Phase 1 acquisition consists of the purchase of approximately 2.283 acres from Miami-Dade County by Florida Gaming for USD3.348m, with USD334,843 being paid as a down-payment and the remainder being financed by the county for 15 years at a fixed interest rate of 7.25%.
The parties intend to pursue a permanent closing of NW 37th Avenue which would connect the existing jai-alai property to the newly acquired property.
Phase 2 of the transaction, covering the remaining 8.679 acres, is scheduled to be completed before 1 July 2010.
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