Gurnee mayor cites strong finances and high mall traffic as pillars of local economy

Mayor Tom Hood in the 2025 State of the Village address on behalf of the Village of Gurnee said the village's economic strength rests on its business community and visitor traffic, and he called for continued planning to protect reserves.

"We have a little over 30,000 residents. We have more than 1,200 businesses. We're located on a little bit over 13 square miles. We have a budget that's about $100,000,000," Hood said, framing the village's finances as complex but well managed.

Hood noted the village relies heavily on sales and visitor-driven taxes rather than a municipal property tax. "We have 23,000,000 visitors, and we can actually prove it now," he said, adding that those visitors support businesses and the village budget. He told the audience the village maintains large reserves to ride out revenue shocks, citing a reserve-policy target in the mid-60 percent range.

Gurnee Mills, the region's largest retail complex, was a focal point of Hood's remarks. He called management 'a partner' and presented a Pinnacle Performance Award to mall leaders, saying the center now has "over 95% occupancy." Randy Evertowski, identified in the address as general manager of Gurnee Mills, said the mall is managed by Simon Property Group and has 'more than 200 stores' and ongoing investments in entertainment and dining.

Hood said the mall generates direct revenue for the village and anchors retail activity on Grand Avenue. In the address he tied mall performance to broader local sales: "the revenue that's generated from Gurnee Mills ... anchors a $1,000,000,000 revenue on Grand Avenue," he said. In a separate remark he estimated Gurnee Mills contributes approximately $6,000,000 a year in village revenue.

Hood warned of volatility in sales-driven revenue and cited the COVID-19 shutdown of Six Flags as an example: a one-year closure cost the village about $2 million in tax revenue. "There's no guarantee that that tax will be the same," he said, describing the village's planning approach and the role of the finance director in forecasting and maintaining reserves.

The mayor also recounted recent business turnover and new openings around the Ring Road and Grand Avenue, noting Texas Roadhouse's upcoming opening and Bank of America construction as examples of ongoing private investment. He praised local small-business support programs, including grants and awards, that the village uses to partner with businesses on façade and improvement projects.

Hood closed the segment by stressing the village is not the business owner but a facilitator: "We're not a private land owner ... it's up to us to provide the structure for them to be successful," he said, arguing the village must balance development with neighborhood impacts.

Ending: Hood said he expects more business announcements in 2025 and repeated that Gurnee's economic strength comes from residents and businesses working together.