Aurora begins TIF process for Hollywood Casino resort
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The city of Aurora has begun the process of establishing the tax increment financing district for the Hollywood Casino resort project.
Aldermen on the City Council Finance Committee Thursday unanimously recommended two ordinances that would result in the new Farnsworth-Bilter TIF District, contemplated as part of the incentives for the Hollywood Casino resort to be built along Farnsworth Avenue and Bilter Road, near Interstate 88.
The casino plans to move there from its current site in downtown Aurora.
The ordinances are part of the beginning process to set the date for the Joint Review Board, which is made up of representatives of all taxing bodies in the proposed TIF area, and the public hearing.
The Joint Review Board meeting would be set for Nov. 8 in the lower level of the city’s Development Services Building, at Broadway and Benton Street. The public hearing would be before the City Council at its Dec. 12 meeting.
The reason establishing the TIF district needs two ordinances is because it would amend TIF District 7, which expires soon, and establish the new Farnsworth-Bilter TIF District.
The current TIF District 7 runs from Farnsworth Avenue and Bilter Road along Interstate 88 to Mitchell Road.
The new Farnsworth-Bilter TIF District would be a micro-TIF, carved out of property at Farnsworth and Bilter. It includes three lots the city owns and is deeding to the casino along Farnsworth, as well as the former Gaslight Manor property and a chapel property next door. The casino would ultimately own all that land for the project.
The city officially announced recently its intention to amend TIF District 7 and establish the Farnsworth-Bilter TIF District.
The casino resort development will include a casino with about 900 slot machines and 50 live table games - including a baccarat room and a poker room - a Barstool Sportsbook, a 220-room hotel, a full-service spa, several bars and restaurants, about a 10,000-square-foot event center, and an open, outside entertainment area, according to plans.
The location will feature 1,600 parking spaces, both at street level and in a parking garage, with the potential of adding another 500 spaces if needed, casino officials have said.
There will be a main entrance off Farnsworth, and a second entrance along Bilter Road. The alternate entrance can be used by people going to some of the entertainment spaces, without going through the gaming area or hotel.
The city and Penn Entertainment have a redevelopment agreement that has the city giving the land and donating $50 million to the casino, which it will pay back. The city would plan to pass $58 million in general obligation bonds for that money.
The payback would be done through the Farnsworth-Bilter TIF District. It would be tied to the bond payments. City officials have estimated that the land will generate about $5.5 million in property taxes a year, which would make the bond payments.
If the TIF district does not generate enough to make the bond payments, Penn Entertainment would make up the difference, according to the agreement.
The full City Council will consider the TIF District ordinances at the Oct. 3 Committee of the Whole meeting.
