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DANVILLE, Va., (WSET) -- Danville's Industrial Development Authority met Tuesday morning to discuss and vote on an agreement for Caesars to purchase the property where the casino would be built.
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The site is home to the former Dan River Mills Schoolfield complex on West Main Street.
Danville announced in May that Caesars Entertainment would be the city's preferred gaming operator.
The company has committed an initial $20 million upfront payment to the city, should voters here choose to move forward with a casino on the November ballot.
$5 million of that will go toward the purchase of the property, which the city currently owns.
'What this does its really the first step in getting all the parties that are connected to this project on board with the way this development will occur, should it be approved by the citizens of Danville,' said city manager Ken Larking.
As for the remaining 15-million dollars, Larking says they have not yet determined the best use of those funds.
Now that the Industrial Development Authority has approved this agreement, the City council will need to do the same.
They are expected to vote during Tuesday night's council meeting.
Thursday, September 3rd, Caesars executives are expected to be in town for a formal signing ceremony for this agreement.
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