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Hollywood casino aurora il wallpaper11/25/2023 In a TIF district, when a property owner - in this case the casino - pays its property taxes, part of the money goes into a fund called the increment. The city is working to establish a tax increment financing district which would be how the city would collect the money each year to pay the bonds. The intent is to pay the bond service each year for 20 years with money generated by the new casino resort. One of those is a $58 million general obligation bond the city would pass to help with upfront costs for the project. The City Council in late October approved a redevelopment agreement with Penn Entertainment that includes some incentives for the project. “I think the fear is, who is going to pay for this? Is it coming from Aurora taxpayers or the casino owners? The financial impact and also what’s going to happen to the downtown (site), those are the questions,” he said. He said the question of taxes is always important. “For me, it’s also a lot of basic information – when are they going to start digging, how will it affect property taxes.” “I live on the West Side of Aurora but own a number of rental properties near I-88 and Farnsworth and I think this could actually be a good thing for the property owners in that area,” he said.
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