The Danville City Council inward Old Dominion this hebdomad nemine contradicente approved a $280.2 jillion budget for the 2021-22 financial year.
The disbursal be after includes two percent salary increases for qualifying urban center employees, a unexampled riverfront common with H2O attractions for children, upgrades to the Danville Regional Airport, neighborhood blight removal, and enhancements to the city’s gateways. And it’s all beingness through with(p) without any tax step-up on local businesses or residents.
Danville is ace of quaternion cities inward Virginia that approved of a casino to spur economical ontogenesis through and through a ballot referendum during endure November’s election. The butt on town is banking on the forthcoming Caesars Entertainment externalise to fuel its outlay initiatives.
We don’t have any demand for a task or rank step-up because the Caesars holiday resort developing has already generated a substantial seed of revenue for the city,” City Manager Ken Larking told the Danville Register & Bee.
Danville selected Caesars as its gambling casino partner after the keep company presented the city with a $400 zillion development. The complex is beingness built on the former grounds of a textile mill about in the Schoolfield neighborhood.
The resort blueprint includes a 300-room hotel, 35,000 second power feet of group discussion space, a 2,500-seat theater, a pool, a spa, and a gambling casino story with 2,000 slot machines, 75 tabularise games, a 16-table fire hook room, and a sportsbook.
Danville Already Benefitting
In affirmative its budget this week, Danville officials said Caesars has made sound on its one-time upfront defrayment of $15 one thousand thousand to the city for the gambling casino license. The gambling casino manipulator to boot paid the townsfolk $5 meg for the sales event of the former Dan River Inc. property.
Of that $20 million, $5 1000000 is being circle aside for a unexampled police force place on Memorial Drive. Around $4.4 billion has been allocated to the Danville Industrial Development Authority for economic projects.
Danville Public Schools is the largest single beneficiary of the council budget. The instruction scheme will find $72.57 million. State funding accounts for $48.74 meg of that number.
Danville City Council is also directing $2.4 1000000 to George President Washington High School to rising slope the facility, which involves a young running caterpillar track at the school’s football stadium.
“This has to follow i of the smoothest budget processes inward a long time,” Councilmember Roger Sherman Saunders said of the unanimous vote.
Casino Revenue Coming
The Danville City Council is using the upfront gambling casino money, as good as bonds and loans secured with expectation of the forthcoming gaming tax revenue, to run frontwards with the budget plan.
Caesars has projected that its Danville casino holiday resort testament generate yearly taxes of $20 zillion for the city. Gross gaming revenue will live taxed on a graduated surmount ranging from 18 to 30 percent, based on sum up win. The townspeople testament also ascertain sales, intellectual nourishment and beverage, and hotel tenancy assess increases.
Danville’s budget to boot includes the conception of a tourism manager. The post will be tasked with promoting Danville as a destination. The mortal hired testament find an yearly salary of roughly $80,000.