FOREST CITY RECEIVES FINAL PAYMENT IN CLEVELAND CASINO LAND AND AIR RIGHTS

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CLEVELAND — Forest City Enterprises received the final installment payment of $34 million for its $85 million land and air rights sale to Rock Ohio Caesars Cleveland, for development of a casino in downtown Cleveland. The transaction includes 16 acres of land and related air rights adjacent to Forest City's Tower City Center mixed-use complex. The company received $11 million in cash at closing and additional installment payments of about $40 million during 2011.

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