news-record.com

Lawmakers not officially have one more item on their plate for this late-November legislative session. Gov. Bev Perdue, a Democrat, announced today that she and the Eastern Band of Cherokee have reached an agreement over a new tribal gambling compact. Here are the salient details from a news release:

The 30-year compact will allow the Cherokee to offer live table gaming, and it will provide for the state to receive a share of revenue generated from these new games. The compact calls for the state’s share of the revenue to be channeled directly to school districts. The school districts will be required to spend the funds on educating students in the classroom.

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Perdue administration officials and Cherokee leaders spent months negotiating the compact and worked out a variety of complicated issues. Among the more important components of the agreement, the state will grant the Cherokee exclusive live table gaming rights west of Interstate 26. In exchange, the Cherokee will pay the state:

• 4 percent of gross receipts from live table gaming during the first five years;

• 5 percent the next five years;

• 6 percent the next five years;

• 7 percent the next five years; and

• 8 percent during the next ten years.

Gov. Perdue and Chief Hicks executed the agreement Monday morning. Once the General Assembly acts, the agreement will be sent to the U.S. Department of the Interior for approval.