Aurora property taxpayers will not be on the hook to repay a $50 million loan that would help Hollywood Casino build a new casino and hotel.
The loan instead would be repaid from increased property taxes received from the Farnsworth Avenue site, officials said Thursday at a city council finance committee meeting.
The project is estimated to cost $360 million. The city would supply the $50 million, plus two city-owned parcels which used to house motels.
The existing downtown casino, comprising the gambling hall on a floating platform and a four-story building, would be demolished. The land would be transferred to the city in a development-ready state, said Trevor Dick, assistant director of the Mayor’s Office of Economic Development.
