The first phase of a development effort worth tens of millions of dollars is expected to open in 2022 following the Eastern Band of Cherokee Indians’ Nov. 10 groundbreaking at the 200-acre site it purchased along Interstate 40 in Tennessee last year.
After a 15-minute closed session discussion, Tribal Council voted unanimously Oct. 29 to allocate up to $25 million to develop the 197.5-acre property it purchased last year in Sevier County, Tennessee.
The Eastern Band of Cherokee Indians has announced its intention to develop a 200-acre mixed-use development envisioned as an “experiential destination” on property it purchased last year along Interstate 40 in Sevier County, Tennessee.
As states throughout the Southeast consider allowing or expanding commercial gaming in their jurisdictions, Tribal Council has voted to enter into a contract with investment bank Innovation Capital that will allow the company to serve as the tribe’s exclusive financial advisor as it seeks to diversify its holdings in the gaming industry.
The Eastern Band of Cherokee Indians hopes to see a recent $5.8 million purchase by Kituwah LLC generate revenue for the tribe while simultaneously improving tribal members’ access to quality, affordable housing.
A $30 million deal to bring a story-themed resort to Eastern Band of Cherokee Indians-owned land in Sevier County, Tennessee, will not go forward following a unanimous vote from Tribal Council Dec. 5 to kill a resolution Principal Chief Richard Sneed submitted in October.
Cherokee leaders are hoping to establish a lucrative business on a portion of the 300-plus acres of Interstate 40 frontage the tribe purchased in Tennessee earlier this year while also advancing plans for an adventure park on the Qualla Boundary, but first Tribal Council must sign off on the venture.
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