Baymount Incorporated has announced that its wholly-owned subsidiary Belleville Racetrack Development Corporation has closed its construction financing to build the new Quinte Exhibition and Raceway.
The construction loan is for $14.2 million plus capitalized interest during the construction period and it bears interest at prime with a term of 15 years. The loan will be secured as a first mortgage on the project lands and it does not include Baymount's excess lands located adjacent to the new QER location.
"We have been waiting for this day for some time," said Graham Simmonds, president and CEO of Baymount. "Now that our financing is completed we are now able to turn the page and work with our construction team to establish a starting date."
The new QER is the eighteenth Ontario racetrack to receive a slot machine allocation under OLG's Slots-at-Racetracks program. The new facility will be constructed on BRDC's Belleville property which is located on Bell Boulevard near the Wallbridge-Loyalist Road and Highway 401 interchange.
The planned 75-acre development will feature the new racino and includes 25 acres for the future location of the new Quinte Exhibition.
"It has been a team effort that has got us to where we are today," explained Simmonds. "A venture like this always encounters challenges however we have remained focused and stay committed to build a new facility that we all can be very proud of for many years to come.
"Baymount will continue to work closely with the OLG and the City of Belleville to ensure that the new QER is a centre for growth and expansion of the local economy."