Waukegan expects temporary casino to be part of deal with developer
The
city of Waukegan is not setting a price for the Fountain Square
property it owns as it fields questions from potential casino
developers, one of several new tidbits revealed Friday in an addendum to
the city’s request for proposals.recommend casino
Potential developers have until 3 p.m. Aug. 5 to submit their proposals
to the city of Waukegan, a deadline that was pushed back in light of
the July 4 holiday and the level of interest, city officials have
said.The first step after that deadline will be a review by city staff,
according to an addendum released Friday aimed at asking some of the
questions posed by potential developers.
Staff will conduct an
initial vetting process, determining which proposals are viable and fit
Waukegan, city attorney Bob Long said.
That short list will be
finalized around Aug. 26 with interviews of the remaining candidates to
follow after Labor Day, according to the addendum. A public hearing will
be scheduled for late September.The public hearing will give residents
and other community members a chance to speak on the subject, and each
of the potential developers will also get a chance to present, Long
said.
The finalists, chosen by the Waukegan City Council at a later
meeting, will then be forwarded on to the Illinois Gaming Board,
according to Long and the addendum. The city’s deadline to make those
recommendations is Oct. 25.
The city has intentionally kept its
criteria broad — leaving the location, size and scope up to developers —
so that city officials can consider all options and then recommend the
ones that work best for Waukegan, Mayor Sam Cunningham said.
Cunningham had originally been focused on the city-owned 32 acres at the
Fountain Square shopping complex as the home of Waukegan’s casino.
Purchased in 2003 for $6.9 million, the land was valued at $5.5 million
in an appraisal completed during the 2012-13 budget year, according to
city records.An updated appraisal was completed just recently as part of
the mayor’s push to get more city-owned land back on the tax rolls,
Cunningham said. The plan is to release a registry of all the city’s
properties, many of which are former commercial and residential sites.
The city will not disclose what the appraisal determined, considering
it “proprietary” information, Long said, adding that he’s not worried
the city will be low-balled because the developers understand it’s a
competitive process.
The appraisal will be taken into consideration
when evaluating the overall package proposed by developers, Long said. A
$10 million offer for the land combined with a “bare bones” casino
proposal might not be as valuable overall as a $5 million offer with a
much more comprehensive development proposal.
