The selection of Delaware North was made by Gov. Paterson, Speaker Sheldon Silver and Senate Majority Leader Dean Skelos last week. Delaware North will invest $370 million up-front to build and operate the VLT facility. As part of the development package, Delaware North will use the services of the Peebles Corp., an African-American-owned real estate development company, and McKissack & McKissack, an African-American, woman-owned professional design and construction firm, according to a prepared release.
Funds from the VLT facility at Aqueduct "will provide sustained resources for elementary and secondary education, while also supporting the operation and improvement of the three thoroughbred racing facilities," according to a statement. Once operational, the VLT facility is expected to bring in at least $8.2 billion for education over the next 30 years. According to the current education funding formula, the Buffalo City School Districts would receive allocations of $4.4 million and Erie County School Districts would receive $11.8 million during the first year that video lottery terminals are up and running.
A Delaware North spokesman tells GlobeSt.com that completion is expected in early 2010. The spokesman also notes that the 50 jobs added in the Buffalo area will support construction management, technology, marketing, human resources and gaming management needs at Aqueduct.
To read all past articles on GlobeSt.com surrounding the Aqueduct racino development, click here.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
