MEMPHIS, Tennessee -- Myriad Entertainment & Resorts announced that it has entered into an agreement with members of the Jack Day Perry, Sr. family to purchase more than 500 acres of land in Tunica,
Mississippi, the location of the Company's planned $1.62 billion world-class destination resort featuring gaming, conventions, retail and attractions, and leisure real estate. Myriad has agreed to purchase the property for cash, shares of the Company's restricted common stock and a percentage of the gaming revenue derived from gaming activities conducted on the Company's gaming site. The closing is scheduled for August 1, 2007.
"Our decision to partner with Myriad and enter into this agreement reflects our growing confidence in the Company's vision and its ability to bring this world-class resort to life," said Jack Day Perry, Sr. on behalf of the Perry family. "We are very excited to be a part of a development project that could bring significant capital investment and jobs to the Tunica area and could serve as a catalyst for further growth throughout Tunica County and the State of Mississippi. We are pleased that the project is moving forward and look forward to the opening of the resort."
The parcel is located on Perry Road and Indian Mound Road in the Northwest quadrant of Tunica County. The property is approximately four miles from Interstate 69, which recently was expanded and allows travelers to drive from Memphis to the resort site in approximately 30 minutes.
Development plans for Myriad Botanical Resort include two casinos each with hotel, a major 400,000 square foot convention and exposition center with hotel, an 18-hole signature-design golf facility, a significant retail complex, a health club and spa, leisure real estate and attractions including botanical gardens, a water park, and an "Eye in the Sky" observatory. As part of a second phase of development, Myriad is exploring several additional attractions and up to four additional casinos.
Myriad also announced that its development team and outside engineers and consultants have continued to work with local and state officials in Mississippi to secure the necessary entitlements and approvals required to develop the Tunica resort. To date, Myriad has worked with state and local authorities to obtain the following:
-Development site has been approved for up to six (6) casinos;
-Myriad has been granted up to $71 million in Tax Increment Financing (TIF);
-The Mississippi Development Authority (MDA) has approved a tourism grant up to $291 million;
-The property zoning and development plan have been approved; and
-A Public Improvement District (PID) was granted in January 2007.
"By working with the Perry Family to establish our final land purchase agreement, we have taken a critical step forward in the process of transforming our development vision into reality," stated Nicholas A. Lopardo, Chairman of Myriad's Board of Directors. "With the land agreement and key entitlements and approvals in place, we can focus the Company's efforts on the development of the site."
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