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Mayor On Baymount Announcements


Published: February 25, 2010 9:54 am ET

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Over the past years, horsepeople in the Belleville, Ont. area have listened to announcement after announcement from Baymount Incorporated in regard to the erection of the New Quinte Exhibition and Raceway. Belleville's mayor, Neil Ellis, has heard the announcements loud and clear, and has now gone on the record regarding them.

"I've been working with them (Baymount) and I know there's been a lot of announcements, but nothing's gone through and there's been a lot of disappointments. But the new partner (Macallan Equity Inc.) has actually put money up front," Ellis was quoted as saying in an article by The Belleville Intelligencer. "With other announcements they never got this far along. These guys have invested the $3 million and they'll put up another $1 million once the shovels go into the ground."

Baymount recently announced a $4 million deal with Macallan which includes Baymount receiving an advance of $3 million from the group. Another $1 million will potentially be invested in the future. Macallan could get 50 per cent equity interest should the additional $1 million investment be made.

The article also includes comments from Ontario Lottery and Gaming Corp. spokesman Tony Bitonti regarding plans which have been submitted to the OLG from Baymount.

(With files from The Belleville Intelligencer)

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