Magna Parent to Loan Money for Construction Projects
Updated: Thursday, December 9, 2004 10:10 AM
Posted: Thursday, December 9, 2004 10:10 AM
Magna Entertainment Corp. will receive funding for the reconstruction of Gulfstream Park and The Meadows from its parent company, MI Developments.
According to a release, $115 million will be provided for the project in Florida at Gulfstream and $77 million for the project in Pennsylvania at The Meadows.
The financing will be made available through two separate loans
provided by wholly-owned subsidiaries of MID to wholly-owned subsidiaries of MEC that own and/or operate Gulfstream Park and The Meadows.
The release said the Gulfstream loan will provide funding for $115 million of the $145 million budgeted cost of the reconstruction project. The Meadows loan of $77 million is expected to provide sufficient funding for the construction costs of The Meadows redevelopment.
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