Shakopee loans to tribes totaled $129 million in 2009

1 March 2010

The Shakopee Mdewakanton Sioux Community has announced that it gave a record $129 million in economic development loans in FY 2009 to tribes in Minnesota and nationwide, and has already made $52 million in loans during FY 2010 to tribes in North Dakota, South Dakota and Minnesota. The loans are in addition to about $60 million awarded in grants to various tribes and charitable organizations.

The most recent loans include one to the Upper Sioux Community, which received a $9 million loan and a $1 million grant to add rooms at the tribe’s hotel and enlarge gaming space within its Prairie’s Edge Casino.

“The Upper Sioux Community would like to thank the Shakopee Mdewakanton Sioux Community for their continued support of our Nation. Through your generosity and commitment to assist other tribes, our casino/hotel project can move forward and will allow the Upper Sioux Community to better attain our financial goals, thus improving the quality of life for our Nation,” said Upper Sioux Chairman Kevin Jensvold.

A $30 million loan was awarded to the Mandan, Hidatsa and Arikara Tribes, formerly known as the Three Affiliated Tribes of North Dakota, to refinance “outstanding tribal debt and decrease debt service, improve the tribal operating budget, and retire all casino revenue secured debt. The loan will fund new working capital needs to retain and create tribal government jobs as well as provide funding to support government operations for two years.

The Yankton Sioux Tribe of South Dakota received approval for up to $13 million in loans to build a new casino replacing their Fort Randall facility. The new casino will be the anchor of a major planned multi-phase development project including a hotel, convention center and RV park, creating a destination resort to bring visitors and economic development to the region.