It has been a while since the name Louis Cappelli came in up any harness racing discussions, but according to a report there has been a breakthrough in the stalled expansion of the future Concord Resort
, which is to be the new home of Monticello Raceway.
An article by The Times Herald-Record explains that Cappelli has reached a deal in which control of the 1,500-acre Concord property will go to his largest creditor, thus bringing an aspect of the financing the project needs to go forward.
"We settled everything amicably and have embarked on a path of mutual cooperation to try to simultaneously develop both parcels," Cappelli told The Times Herald-Record via email this past weekend.
This past Friday (June 18), Cappelli and Entertainment Properties Trust announced that the Kansas City-based company had agreed to convert nearly $163 million in loans and penalties into an equity stake that will give it control over the Kiamesha Lake property slated for a resort hotel.
The report states that, as part of the deal, Cappelli has a two-year option to repurchase the resort property for $143 million plus interest.
(With files from The Times Herald-Record)