Approval To Proceed With Development

Approval To Proceed With Development. With respect to obtaining the Commission’s approval to proceed with development, the following information, together with documentation to support this information, shall be submitted to the Commission: (a) Architectural plans or renderings showing details of all proposed construction and renovation for the project, together with a footprint of the project. Include a description of the construction and type of parking facilities, as well as parking lot capacity. Commission approval requires that the project include a 500-car, or larger parking facility in close proximity to the casino complex, and infrastructure facilities shall include a 300-room, or larger hotel of at least a three diamond rating as defined by an acceptable travel publication to be determined by the Commission. In addition, infrastructure facilities must include a restaurant capable of seating at least 200 people and a fine dining facility capable of seating at least 75 people, and the casino floor must be at least 40,000 square feet. The project will also have or support an amenity that will be unique to the market and will encourage economic development and promote tourism. The Commission will have authority in determining the quality of the amenity and the ultimate approval of the amenity, and may in its discretion reduce the requirements above should it determine that there is a justification to do so in certain markets. The Commission will further determine, in its discretion, if the prerequisite hotel and dining facilities may be supplanted by an amenity of high value to the overall tourism market in that the amenity will likely encourage economic development and promote tourism. As used herein, infrastructure facilities are not such items as parking facilities, roads, sewage and water systems, or civic facilities normally provided by cities and/or counties. The qualifying infrastructure must be owned or leased by (i) the holder of the site approval, or (ii) an affiliated company of the holder of the site approval where both the affiliated company and the holder of the site approval have identical direct or indirect equity ownership. This regulation shall apply to any new applicant for a gaming license for a new gaming facility and to the acquisition or purchase of a licensee or gaming facility for which gaming operations have ceased prior to the time of acquisition or purchase. This regulation, however, shall not apply to any licensee which has been licensed by the Commission, or to any person which has received Approval to Proceed with Development from the Commission, prior to December 31, 2013. (or to such licensee upon any licensing renewal after such date). Any change to the plan, or placement or design of the establishment, cruise vessel or vessel, shall be submitted in advance to the Executive Director for determination of whether such a change constitutes a material change. If the Executive Director determines that a material change has occurred, Commission approval is required for the same. (b) Statements reflecting the total estimated cost of construction or renovation of the establishment, vessel, or cruise vessel and shore and dock facilities, distinguishing between known costs and projections, and separately identifying: 1. Facility design expense; 2. Land acquisition costs; 3. Site preparation costs; 4. Construction costs or renovation costs; 5. Equipment acquisition costs; 6. Cost of interim financing; 7. Organization, administrative and legal expenses; 8. Projected permanent financing costs; 9. Qualified infrastructure costs; and 10. Non-qualifying infrastructure costs. (c) A construction schedule for completion of the project, including an estimated date of project completion. Indicate whether a performance bond will be required by the applicant to be furnished by the contractor. (d) Current financial statements, including, at a minimum, a balance sheet and profit and loss statement for the proposed licensee. (e) A detailed statement of the sources of funds for all construction and renovation proposed by the site development plans. Any funding, whether equity or debt, to be obtained must be supported by firm written commitments satisfactory to the Commission. The applicant will have 120 days in which to close all financing and start construction or the approval is deemed void. (f) Evidence that the following agencies (if applicable) were notified of the development and/or do not oppose the site development: 1. U.S. Corps of Engineers 2. U.S. Coast Guard 3. Mississippi Department of Transportation 4. Mississippi Department of Environmental Quality 5. Department of Marine Resources 6. Port and Harbor Commission 7. Levee Board 8. City and County government 9. Such other agencies as the Executive Director deems appropriate. The application for a Gaming Operator’s License shall be filed no later than ninety (90) days after the Commission grants approval to proceed with development. The gaming site approval will expire three (3) years from the date approval to proceed with development is granted unless the Commission grants an extension. Approval to proceed with development is not subject to sale, assignment or transfer.