Cunningham said when he found out about how long the list was, he told city staff, "We're not landlords. Rivers Casino generates about. When the city restructured the debt it had taken out to purchase the property and build new infrastructure in the area, it promised that the proceeds from selling the land would go toward retiring that debt, Smigielski said.
The largest chunk of that cost — about 5, — goes toward repaying loans taken out to purchase the land, she said in an email.
An appraisal completed during the budget year valued the property at. The city's goal in buying the land was to prevent the residential units from being built at the site, Ray Vukovich, Waukegan's director of governmental services, told the Pioneer Press. The city was in the process of trying to acquire the state's 10th casino license, up for bid following the bankruptcy of Emerald Casino, and Vukovich said the Fountain Square site could house the casino if that effort was successful.
He added that the Fountain Square property would certainly go through a more rigorous process than the Sherman Place sale.
Other suburban communities with casinos include Aurora's Hollywood Casino with million going to its local governments last year; Elgin's Grand Victoria Casino with. Either way, the property will get back into private hands and back on the tax rolls, which will take some of the burden off existing taxpayers, Cunningham said.
The council had put in place a moratorium chasing the dream roulette video gambling licenses, set to expire March 1, while it worked on the new regulations.
I have mixed feelings about. She also questioned whether a casino makes sense long-term, a point also raised by Moisio. The city purchased the 32 acres in when construction of the new Fountain Square complex was set to replace the aging Lakehurst mall, according to News-Sun reports from the time.
An appraisal hasn't been completed since that time, according to Waukegan planning and zoning official Noelle Kischer-Lepper, who said she is not aware of any immediate plans to have it reappraised. Waukegan begins to rethink long-held vision of a casino on city-owned Fountain Square property Emily K.
I don't think that's doing us any good from a city standpoint or for that valuable piece of property. We're getting nothing for it now.
She questioned whether a casino would bring development to the entire city, or just frank marino casino the casino itself, and also pointed to issues around gambling addiction.
Casino copenhagen english bonds are paid off using special assessments levied on the various property owners, which amounts to about 0, the city would also no longer have to pay each year.
The city of Waukegan paid. We don't get taxes from ourselves.
Despite that, the consensus seems to be giving the mayor the year he requested and then pushing the issue.