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Leominster Officials Still Hope for Mitigation Contract

Leominster Officials Still Hope for Mitigation Contract

Officials in Massachusetts are making a final effort to negotiate a mitigation contract with supporters of the slot parlor planned for the town of Leominster. The Cordish Companies is behind the plans for the Leominster facility, however, they dropped negotiations with the town over a mitigation agreement for the financial impacts after the state’s gaming commissioners denied the town’s petition to be named as a surrounding community on Nov 21st.

Leominster Officials Still Hope for Mitigation Contract

Officials in the town of Leominster in Massachusetts are still hoping that they can reach an agreement with The Cordish Companies.

Instead the Cordish Companies offered a contract that selectman chairman Ronald Furmaniuk has described as “inadequate”. The contract had a deadline of Dec. 2nd however, Town Administrator Terri Ackerman said that the company was aware that the selectmen did not meet until two days later and believed the company may accept a late decision from the board.

However, selectmen decided not to accept any contract with Cordish but instead agreed to send the issue back to the town council to continue working on finding a mutual agreement with the company.

The contract offered would give the town a one-time reimbursement of up to $10,000 for the costs of any legal fees and studies which have already taken place; it would also give the town $5,000 annually to help pay future expenses. However, officials said that the money will not cover costs and the contract also rules out any future negotiations.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.