VILLAGE APPROVES AMENDMENT TO REVENUE SHARING AGREEMENT WITH KEYLIME COVE
February 06, 2017
FOR IMMEDIATE RELEASE
Date: Monday, February 6, 2017
Contact: Jack Linehan, Assistant to the Village Administrator/PIO
Phone: (847) 599-7514
Fax: (847) 623-0490
GURNEE, IL – The Gurnee Village Board approved an amendment to the revenue sharing agreement with KeyLime Cove to facilitate the sale of the property to Great Wolf Lodge. The plans for the Great Wolf Lodge redevelopment includes adding 20,000 square feet of new indoor waterpark space, outdoor waterpark amenities, increased shopping options, and the retheming of the resort to a Northwoods theme.
The amended revenue agreement does not increase the total performance-based incentives that were approved in 2004 for KeyLime Cove. The amendment calls for a one-year pause of the 20 year incentive period, which is now set to expire in 2029. Additionally, the agreement increases the Village’s rebate of the Hotel/Motel Tax from a flat 30% to 100% after agreed-upon revenue thresholds are met. This guarantees that the Village is made whole based on past performances, and stands to net the Village additional revenue with the higher revenue thresholds.
“The Village of Gurnee is excited to welcome Great Wolf Lodge in to our community!” said Mayor Kristina Kovarik. “The halo effect from this project will benefit the entire region.”
As part of the amended agreement, Great Wolf Lodge will also make a contribution to Visit Lake County for promotion of the resort.
Great Wolf Lodge currently has a portfolio of 14 locations in operation.