New Bedford, KG Urban Reach Casino Agreement

The City of New Bedford and KG Urban Enterprises have reached a host community agreement to develop a casino at the Cannon Street Power Station on the New Bedford Waterfront.

A press releases from KG Urban Enterprises says the agreement calls for an upfront payment of $4.5 million, remediation of the Cannon Street Station site and reuse of the power plant, construction of a $10 million Harborwalk, Waterfront Casino and Conference Center with glass allowing views across the harbor, and $12.5 million in annual payments.

Monday was the deadline for a casino license application.

The Massachusetts Gaming Commission is scheduled to hear arguments later today regarding a request for a deadline extension from New Bedford and KG Urban for the Region C southeastern Massachusetts gaming license application.

Below is Mayor Jon Mitchell discussing the Host City Agreement: