Developer: Deal Reached on Foxwoods Casino in New Bedford - NECN
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Developer: Deal Reached on Foxwoods Casino in New Bedford

The agreement calls for a $4.5 million upfront payment to the City of New Bedford

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    Developer: Deal Reached on Foxwoods Casino in New Bedford
    FILE
    Declines in casino revenue is affecting the state budget.

    The developers of a proposed casino in southeastern Massachusetts say they've reached a host community agreement with New Bedford.

    New York-based KG Urban Enterprises said in a release Thursday that the agreement calls for a $4.5 million upfront payment to the city, followed by $12.5 million in annual payments once it opens its doors.

    The proposed casino would be run by the operators of Foxwoods in Connecticut.

    The agreement also calls for environmental cleanup of the proposed waterfront site, which is a former power plant, as well as construction of a conference center and harbor walk. Andrew Stern, a managing director at KG Urban, described the agreement, which the company did not initially release, as "robust."

    The New Bedford development is among three plans competing for the state's final resort casino license.

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