By: Diana Johnsen
dfjohnsen@kcautv.com
For months, Wanda Blake, a former worker at the Argosy Casino has being hearing one thing from former co-workers.
"Most of the concerns I heard is not having a job," Wanda said.
A concern that employees will not have to worry about for a while longer.
That's because the city and the owner of the Argosy, Penn National Gaming, Inc. have reached a dock lease agreement, which means the boat can stay in Sioux City for a while longer.
The primary terms of the proposed extension agreement are as follows:
- The initial extension term extension will be for a period of 12 months, following the current expiration date of January 29, 2013. Penn National will continue to pay rent under the existing formula to the City during this 12-month term.
- Penn will have the option to extend the lease for an additional 18 months following the initial 12-month extension. If the 18-month extension is put into place, during that term, Penn National will pay a modest incremental monthly amount beyond the existing formula.
- The parties have agreed to release each other from liability for past conduct.
Penn national said it came to this agreement for its employees.
"We obviously wanted to provide the certainty and the stability for our employee especially as we head into the holiday season, so they knew what they're future looked like and the fact that we now have a 12 month extension and the 18 month. It was something really important to us," said Karen Bailey, Penn National's Director of Public Affairs.
Now nothing is set in stone quite yet.
The Sioux City City Council will begin their consideration of the proposed lease on December 17th with public notice of their intent. In keeping with state law and local practice, the Council will make its final determination after a 30 day period on January 28, 2013. The City Council does not meet on January 21, 2013 in observance of Martin Luther King, Jr. Day.
