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Board told riverboat property will go to bank auction in mid-September
Summary
Staff said the bank took over the riverboat property, entertained offers, rejected a low-income housing credit offer, and scheduled an auction in mid-September.
A board member asked whether the riverboat buyer had been selected. The revitalization manager said the bank that took the property solicited offers, received six proposals and ultimately decided to proceed with an auction in mid-September after rejecting an offer tied to low-income housing tax credits.
"The riverboat did go through, the bank took over the property and did request offers or accept offers. I believe they received 6 offers...so they're proceeding with an auction...that property will go up to the auction mid September," staff reported. The manager said it appears the bank will accept whatever results from the auction. No sale price or reserve was disclosed in the meeting.
Board members asked follow-up questions but staff provided no further financial details in the transcript; the item remains in staff's purview as the bank-led process proceeds.
