Great Wolf Lodge Aims to Take Over, Renovate Key Lime Cove in Gurnee
Great Wolf Lodge is looking to purchase Key Lime Cove in Gurnee, renovate the facility and reopen in 2018.
A revenue-sharing agreement approved by the Gurnee Village Board this past week with Great Wolf Lodge will allow Great Wolf and the village to collect $550,000 per year in hotel/motel taxes. Once they have both hit this mark, Great Wolf will collect 100 percent of that tax revenue, village officials said. The agreement will run through 2029 and allows the resort to collect up to $18 million.
This agreement would take the place of the cost-sharing agreement the village currently has with Key Lime Cove.
Under that agreement, the village is only bringing in, on average, about $400,000 per year from Key Lime Cove since the water park and resort opened in 2008, according to the Chicago Tribune.