The loan will fund construction of the Tulalip Casino and related infrastructure in the tribe's newly incorporated city Quil Ceda Village, located on the Interstate 5 corridor near Marysville, Wash. The $72-million casino will be at the heart of the village. It is slated to open in June 2003.
Seventy percent of the loan will be paid off within five years, with a balloon payment to follow, says Tulalip Tribes real estate finance planner Jim Tail. "Tulalip is on par with 'the best of the rest' in establishing a regional destination site," adds Peter Mills, manager of the Quil Ceda Village business park. "The banking community recognizes that."
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