The Shakopee Mdewakanton Sioux Community (SMSC) has approved a $48 million loan for the Lower Sioux Indian Community (LSIC) of Morton.
The loan is divided into two phases, with Phase I funding debt consolidation up to $26 million, consolidating several loans into one, resulting in a lower monthly payment as well as lowering the overall interest rate.
Phase II is a loan up to $22 million for a redevelopment project for Jackpot Junction Casino Hotel expected to start in May 2013.
The length of the new loan is approximately 12-and-a-half years. Lower Sioux is going to contribute $4 million of its own funds towards the Phase II construction project which entails replacing the original 75,000 square feet casino built in 1984 with a new facility. The project also includes an interior and exterior refurbishing of the 1999 hotel expansion. The existing casino is going to operate during construction, but most of it is going to be torn down after the new facility is complete.
“We so much appreciate Shakopee for doing the recent refinancing economic development loan,” said Denny Pres-cott, LSIC council president. “How greatly appreciative we are for Shakopee to step up and help us in this situation.”
Approximately 145 families live on 1,743 acres of tribal land. A total tribal population of 982 resides throughout a 10-mile service area and beyond.
In fiscal years 2003-05 the SMSC donated a total of $3 million to the Lower Sioux Community for the completion of the Children’s Youth Center and the addition of a fitness room.
An SMSC grant for $309,075 in 2010 supported several projects.
To help other Indian nations grow and prosper while protecting their tribal sovereignty, the Shakopee Mdewakanton Sioux Community has a program of supporting economic development through tribal grants. Each grant is considered on its own merit by the SMSC business council within the fiscal year budget approved annually by the SMSC general council. Due diligence is required before grants are awarded.
The SMSC has made $500 million in loans to other tribes for economic and infrastructure development projects since 1996.
The Shakopee Mdewakanton Sioux Community, a federally recognized Indian tribe in Minnesota, is the owner and operator of Mystic Lake Casino Hotel, Little Six Casino, Mazopiya, The Meadows at Mystic Lake and other enterprises on a reservation south of the Twin Cities.
The SMSC utilizes its financial resources from gaming and non-gaming enterprises to pay for the internal infrastructure of the tribe, including but not limited to roads, water and sewer systems, emergency services and essential services to its members in education, health and well-being.
Page 2 of 2 - A tribal charitable giving program, which comes from a cultural and social tradition to assist those in need, has given away more than $258.2 million to Indian tribes, charitable organizations and schools since 1996.
Through the Mdewakanton LIFE Program, the SMSC has donated 746 automated external defibrillators to tribes, schools, police and fire departments and other organizations with 19 lives successfully saved due to their use.
Since 1996 the SMSC paid more than $7.6 million for shared local road construction and an additional $16.7 million for road projects on the reservation.
The SMSC has also paid $14.4 million to local governments for services and another $6.4 million for other projects.