Canterbury Park and Kraus-Anderson Report Progress on a Destination Mixed-Use Development Adjacent to Racetrack
March 18 2015 - 6:30PM
Business Wire
Canterbury Park Holding Corporation reported today that,
pursuant to a Letter of Intent announced November 25, 2014,
Kraus-Anderson Incorporated has notified the Company that they have
successfully completed extensive due diligence regarding the
feasibility of a proposed mixed-use complex adjacent to the
racetrack and are prepared to move forward with the next phase of
the development process. The parties will now proceed to negotiate
the terms of a formal Development Agreement that would guide
financing and construction of the proposed project. The process of
negotiating the formal agreement is expected to take three months
or more to complete.
The mixed-use complex that is contemplated by Canterbury Park
and Kraus-Anderson would be built on Canterbury’s excess and
underutilized land with the goal to create year-round synergies to
its racetrack and card casino, as well as nearby entertainment
venues, while serving the needs of the community and region. The
components of the project could include destination and local
retail shops, restaurants, entertainment, sports venues,
multi-family housing, and other compatible uses.
“Canterbury’s vision of a destination lifestyle retail and
entertainment center on our property is one step closer. While
there is still much work ahead of us to make this a reality, I am
very encouraged by the results of the due diligence performed by
Kraus-Anderson, a proven development company that has considerable
experience with similar mixed-use projects,” said Canterbury Park
President and CEO, Randy Sampson.
Mike Korsh, Vice President and Director of Real Estate
Development for Kraus-Anderson Realty, commented: “Kraus-Anderson
is pleased with the results of its due diligence regarding the
commercial feasibility of a dynamic and multi-faceted mixed-use
development at Canterbury Park. We are also excited about the
energy this proposed development has created, and the positive
reception we have received from the community as well as potential
tenants and mixed-used development partners.”
About Canterbury Park:Canterbury Park Holding Corporation
(NASDAQ:CPHC) owns and operates Canterbury Park Racetrack and Card
Casino, Minnesota’s only thoroughbred and quarter horse racing
facility. The Company’s 70-day 2015 live race meet will run from
May 15 to September 12. Canterbury Park’s Card Casino hosts card
games 24 hours a day, seven days a week, offering both poker and
table games. In addition, the Company conducts year-round wagering
on simulcast horse racing and hosts a variety of other
entertainment and special events at its facility in Shakopee, Minn.
For more information about the Company, please visit us at
www.canterburypark.com.
About Kraus-Anderson:Kraus-Anderson has transformed the
American landscape for more than a century. Established in 1897,
Kraus-Anderson provides strategic services including commercial
real estate development and management, construction, equipment
financing and risk management to clients nationwide. Kraus-Anderson
(www.krausanderson.com) is an EOE AA
M/F/Vet/Disability Employer.
Cautionary Statement:The commencement of negotiations
regarding a formal Development Agreement announced today may not
result in a comprehensive development plan and signing of a binding
Development Agreement between the parties. Also, if the parties
enter into a Development Agreement, there can be no assurance that
a mixed-use center will be constructed or that it will operate
successfully. Finally, from time to time, in press releases and in
other communications to shareholders or the investing public, the
Canterbury Park Holding Corporation may make forward-looking
statements concerning possible or anticipated future financial
performance, business activities or plans based on management’s
beliefs and assumptions. These forward looking statements are
typically preceded by the words such as "believes," "expects,"
"anticipates," "intends" or similar expressions. Shareholders and
the investing public should understand that these forward-looking
statements are subject to risks and uncertainties, including those
disclosed in our periodic filings with the Securities and Exchange
Commission, which could cause actual performance, activities or
plans after the date the statements are made to differ
significantly from those indicated in the forward-looking
statements when made.
Canterbury Park Holding CorporationJeff Maday,
952-496-6408Media Relations
Managerjmaday@canterburypark.com
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