An Aurora City Council committee has recommended an agreement with the Batavia School District involving the proposed tax increment financing district at Farnsworth Avenue and Bilter Road.
The new TIF district would be to facilitate the Hollywood Casino resort development planned along Farnsworth Avenue near Interstate 88. The council’s Finance Committee on Thursday recommended an intergovernmental agreement with Batavia School District 101 that would allow the district to capture some of the new tax dollars the resort project would create.
The payback would be done through the Farnsworth-Bilter TIF District. It would be tied to the bond payments. City officials have estimated that the land will generate about $5.25 million in property taxes a year, which would make the bond payments. If the TIF district does not generate enough to make the bond payments, Penn Entertainment would make up the difference, according to the agreement.
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