Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City Council approves $1.725 million package to help redevelop two downtown buildings
Summary
After debate over how to fund an upfront payment, the City Council approved a $1,725,000 incentive package to assist renovation of 200 North County Street and 38 North Genesee, using a mix of casino-tax (RAP) funds and tax-increment financing (TIF). The vote was 6–3.
Waukegan City Council on March 3 approved a $1,725,000 incentive package intended to help redevelop two vacant downtown buildings at 200 North County Street and 38 North Genesee.
The measure authorizes a $900,000 upfront development assistance payment and a long-term, TIF-backed incentive of $825,000 to be paid from increment generated by the properties, for a total package of $1,725,000. The council approved the motion after lively debate about whether the city should supply the upfront grant from its casino-tax revenue (the so-called RAP or “wrap” funds) and whether the city must guarantee any shortfall in TIF increment at the end of the TIF term. The final roll-call vote was 6 in favor and 3 opposed.
Why it matters: The two buildings are vacant and under…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
