In a unanimous vote, the Finance Committee of the Aurora City Council advanced the PENN Entertainment proposal to relocate the Hollywood Casino in Aurora.
All five members recommended the proposal to continue through the process. The next step is a presentation to all 12 members at the Committee of the Whole Meeting at 5 p.m. Tuesday, Oct. 18. If the proposal clears that committee, a final vote will be held at the City Council Meeting at 6 p.m. Tuesday, Oct. 25.
The proposal includes the Hollywood Casino Aurora moving from its current downtown location on the Fox River closer to the I-88 expressway, across from Chicago Premium Outlets mall. The new casino campus would also include a 200-room hotel and a 10,000 square foot event center.
The campus would be on Farnsworth Avenue on a City-owned site most recently occupied by two hotels and a car dealership. As part of the deal, the City would transfer ownership of the site to PENN in exchange for the casino’s downtown property. The casino would not only be responsible for demolishing the downtown structure and making the site development ready. The City would also take ownership of the casino’s parking garage.
PENN Entertainment would also exercise its option to purchase land immediately west of the proposed Farnsworth site currently occupied by the C-Club and Gaslite Manor Banquets. Both businesses face Church Road.
The $360 million proposal includes a $50 million bond issuance by the City, which would be repaid from increased property taxes received from the new site, not from general funds from taxpayers. As an added assurance, if property taxes aren’t enough to cover payment in any given year, PENN has agreed to make up the difference.
If approved by the full City Council, construction would begin in late 2023, bringing nearly 1,000 construction jobs and 700 permanent jobs.
The full presentation (beginning at 22:00) to the Finance Committee can be viewed at www.facebook.com/cityofaurorail/videos/672078437482855.
—City of Aurora government