NYSE, MIM - Mi Developments Inc
MID currently has several tracts of undeveloped land in both Canada and the
United States that are not held for industrial development. These properties
consist primarily of: (i) lands that we had originally ?banked? for industrial
use but for which the current industrial use is not the highest and best use;
and (ii) development lands that we have acquired from MEC. We intend to rezone,
develop and/or redevelop these properties over the medium- or long-term for our
own account or with a joint venture partner.
Description of Our MEC Project Financing Facilities
We have participated in the redevelopment of two of MEC?s racing and alternative
gaming venues by making available through the MID Lender two project financing
facilities to the wholly-owned subsidiaries of MEC that own and/or operate
Gulfstream Park (up to $162.3 million plus costs and capitalized interest) and
Remington Park (up to $34. ...
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