What's Happening?
The City of North Chicago has implemented stricter regulations on video gaming licenses, aiming to shift businesses away from relying on gaming as a primary revenue source. The city council voted unanimously to amend the city code, following a one-year moratorium on new gaming licenses. Existing licenses will remain, but new licenses will not be issued to businesses primarily focused on gaming, such as liquor stores or gas stations. The changes are part of a broader plan to develop the Sheridan Crossing property, which is expected to generate significant tax revenue once developed.
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Why It's Important?
These regulatory changes are significant for local businesses that have relied on gaming revenue. By limiting gaming licenses, North Chicago aims to diversify its economic base and increase property tax revenue through development projects like Sheridan Crossing. This shift could lead to a decrease in gaming-related income for some businesses, while potentially boosting the local economy through real estate development. The move reflects a broader trend of municipalities seeking to balance gaming with other economic activities.
What's Next?
The city plans to begin environmental remediation of the Sheridan Crossing property, with a groundbreaking ceremony already scheduled. Businesses with existing gaming licenses must comply with new regulations, including proximity restrictions and revenue reporting requirements. Future gaming licenses will require city council approval, adding another layer of oversight. The development of Sheridan Crossing is expected to bring regional exposure and economic benefits to North Chicago.
