TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director of the Mayor's Office of
Economic Development
DATE: September 8, 2023
SUBJECT:title
Announcement of the Availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the Proposed Farnsworth Bilter TIF District.
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PURPOSE:
In compliance with the TIF Act, this agenda item shall serve as the City's announcement of its intent to establish a Farnsworth Bilter Tax Increment Finance (TIF) District. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Report for the proposed Farnsworth Bilter TIF District.
BACKGROUND:
The existing Hollywood Casino located at 1 West New York Street has been operating for almost 30 years. However, due to a variety of factors including the steady decline in revenue at the Casino's current location and changes in gaming trends, the Petitioner, working with the City, started to investigate alternative locations for a new casino.
On October 25, 2022, the City Council approved a Redevelopment Agreement with Penn Entertainment for the relocation of the Hollywood Casino Development by Ordinance O22-072 for a new casino, hotel, and entertainment venue for the property located on the west side of Farnsworth Avenue, between Bilter Road and Corporate Boulevard.
The Subject Property is made up of several parcels containing approximately 18.68 acres. The parcels located along Farnsworth Avenue are now mostly vacant, which consisted of a former car dealership, the Fox Valley Inn and the Motel 6. The Papa Bear restaurant, which has been closed for several years due to a fire, and the properties along Church Road, consisting of the Gaslite Manor Banquets and C Club, will be demolished as part of this development.
As part of the approved RDA, the City committed to:
- 23-Year TIF District.
In June, the developer has secured approval of a conditional use planned deve...
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