Lakes Entertainment Inc., Minnetonka, has terminated the predevelopment, development and financing arrangement agreement by and between Lakes Jamul Development, a subsidiary of Lakes, and the Jamul Indian Village. While this agreement was executed on Nov. 22, Lakes has been working with the Jamul Tribe under other previous agreements since 1999 to help develop a casino on the tribe's reservation outside San Diego. Because of Lakes' corporate strategic objectives, the company determined that it would not move forward with the project. Lakes has a continuing obligation to fund tribal support payments equal to about $600,000 subsequent to the termination date and provide funding of certain professional fees for 30 days from the termination date. As of the termination date, Lakes has advanced about $57.5 million including accrued interest to the tribe related to casino development efforts. The tribe remains obligated to repay the advances and accrued interest, and Lakes continues to have collateral in all revenues from any future casino owned by the tribe, and the casino's furnishings and equipment.DEBT AND EQUITIES
U.S. Bancorp, Minneapolis, declared a dividend of 19.5 cents per share, payable April 16 to shareholders of record on March 30. The company's board of directors also approved an authorization to repurchase up to 100 million shares of its outstanding common stock. This new authorization replaces the company's current share repurchase program. U.S. Bancorp's common stock shares may be repurchased through March 2013 in the open market or in privately negotiated transactions.
General Mills Inc., Golden Valley, declared a quarterly dividend of 30.5 cents per share, payable May 1 to shareholders of record on April 10.