Petersburg creates board to advise how to spend casino benefit money
Petersburg established a Local Advisory Board to recommend spending for community projects using funds from Live! Casino Virginia.Summary
Petersburg has formed a seven-member Local Advisory Board (LAB) to oversee the distribution of funds derived from Live! Casino Virginia. Under an agreement with co-developer The Cordish Companies, 5% of annual benefit payments will be set aside for community priorities such as education, housing, economic development, and support for local nonprofits.
The board includes a diverse group of stakeholders, including local and state lawmakers, a former mayor, representatives from the Petersburg Economic Development Authority (EDA), and the president of gaming operations for the casino. The LAB will review funding requests and provide recommendations to the City Council.
This initiative is part of a larger economic development project. The Cordish Companies is paying Petersburg $16 million over the next 10 years, following an initial $15 million one-time payment. The permanent $1.4 billion resort is expected to be completed by December 2027, generating significant tax revenue and jobs for the region.
(Source：The Progress Index)