Penn Entertainment, the casino’s parent company, will build a new, $360 million casino resort at the site that will include 950 gaming positions, a Barstool Sportsbook, a 200-room hotel, six restaurants, meeting rooms, an outside event area and a 10,000-square-foot event center.
“This development is going to change the face of Aurora for years to come,” said Mayor Richard Irvin, moments before the council unanimously voted to support the redevelopment agreement.Shortly after the vote, Irvin joined Rafael Verde, senior vice president of operations for Penn Entertainment, at a table below the City Council dais to sign the redevelopment agreement.
The city also would allow Penn Entertainment to exercise two options it has to buy the land on which Gaslight Manor and the C-Club sit on. The city would pass a general obligation bond of $58 million to put into the overall budget for the project, to be paid by a 23-year tax increment financing district the city would put on the casino project.
“This is not being paid out of any cash line item or from any tax dollars,” said Alex Alexandrou, Aurora’s chief management officer. “There are no city funds coming out of pocket.”That guarantee did not convince a group of protesters who showed up at the council meeting, brandishing signs calling the bond issue a giveaway, bailout or handout to the casino corporation.
Cannon was eventually led from the meeting for interruptions, yelling out “no more money to billionaires” and a couple of swear words as he was led out. Others at the meeting, particularly representatives of some area unions and the Fox Valley Trades Council, said they support the agreement and the casino project.
“The city bond is an investment for a definite return based on past performance, based on projections,” Alexandrou said.
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