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The Company previously announced the Agreement to acquire the property from the County in exchange for a right-of-way of .492 acres to be used by the Miami-Dade Metro Rail, an overhead light rail system. As part of this transaction, the County purchased an easement of .492 acres from FGMG for $1,014,300. Phase 1 acquisition consists of the purchase of approximately 2.283 acres from Miami-Dade County by Florida Gaming for $3,348,429. The Company paid a down payment of $334,843 and the County financed the remaining balance of $3,013,586 for 15 years at a fixed interest rate of 7.25 percent. The parties will pursue a permanent closing of NW 37th Avenue which would connect the existing jai-alai property to the newly acquired property.
Closing of Phase 2 of the transaction for the remaining 8.679 acres is scheduled to take place prior to July 1, 2010, the group noted in a release.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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