According to a report, Louis Cappelli of Concord Raceway Empire Corporation and Concord Associates will be investing $10 million to help fuel the rebirth of Kiamesha Lake, the future site of the new Monticello Raceway.
"We are going to reinvest by buying small stores along Broadway and redeveloping them into beautiful cafes and service stores so that Monticello, with the new paving and the new sidewalks that are going in, now we put new stores in," midhudsonnews.com has quoted Cappelli as saying.
"What happens when we do that and make that commitment, at least double will happen from other private sector investment and you are going to see the Village of Monticello flourish in the next two years."
On August 14, Sullivan County Industrial Development Agency gave Concord Raceway Empire Corporation and Concord Associates over $84 million in tax relief with the passing of several resolutions.
Midhudsonnews.com has reported that Cappelli expects to break ground on the shortly on the $1 billion hotel-resort-racino project, which he expects to be open in two years.
To read the midhudsonnews.com article in its entirety, click here.
(With files from midhudsonnews.com)