Aurora forms a tax-raised fundraising district to help pay $50 million in profits for the development of a new complex for the Hollywood Casino.
Aldermen in the state’s second-most populous city have voted to begin the process of creating a TIF district on property along Farnsworth Avenue and Bilter Road, where Penn Entertainment will build a new 360 casino. millions of dollars, the Aurora Beacon-News reported.
Last month, city officials approved $50 million in financial assistance to Jay Snowdens Penn to move the Hollywood Casino from downtown to a location closer to Interstate 88. The new facility is expected to include 900 machines slots, 50 live table games and a sportsbook.
Aurora will borrow the $50 million by selling bonds, and principal and interest will be repaid by casino property taxes. Part of the site is located within an existing financial district, but the agreement also provided for a new micro-TIF for the casino which would last approximately 23 years and prevent the additional value the new development brings to the property from being taxed. this period.
Under the new TIF district, which property still has to qualify for, a portion of casino property taxes will go into a fund that will be used to withdraw the bonds each year.
City Council approved the payment of $42,000 to Kane McKenna and Associates to complete the necessary feasibility study for the TIF neighborhood.
Residents opposed to the deal said they didn’t mind the casino moving, but they didn’t want taxpayers to be responsible for the bill. Opponents say Penn Entertainment, which made $2.75 billion in gross profits in 2021, can afford to fund the move and redevelopment without money that would otherwise go to the city for public spending.
Besides gambling, Penn wants to build a 200-room hotel, spa and several restaurants at its new casino site across Farnsworth Avenue from the Chicago Premium Outlets Mall.
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