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Council approves $1.15 million for Keegan Library HVAC from casino land-lease revenue
Summary
After hours of debate over a proposed plan for $16.5 million in casino-related “wrap” funds, the Waukegan City Council voted to release $1,150,000 of land-lease income to replace the Keegan Library HVAC, and postponed decisions on the remaining allocations.
The Waukegan City Council on Feb. 18 approved a $1,150,000 payment from casino-related land-lease revenue to replace the Keegan Library heating, ventilation and air-conditioning system.
The decision followed a multi-hour discussion of the city's revenue allocation plan (RAP), the pool of funds generated by the temporary casino operating in Waukegan. City staff said the RAP contains several revenue streams totaling about $16.5 million as of late February, and proposed a multi-year plan that would allocate most of the balance to risk reserves, infrastructure and other capital needs.
City finance staff told the council the RAP is funded by three main streams: gaming tax receipts (about $317,000 per…
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