TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: February 10, 2023
SUBJECT:title
Introduce announcement of the availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the proposed River Vine TIF District.
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PURPOSE:
In compliance with the TIF Act, this agenda item shall serve as the City’s announcement of its intent to establish a River Vine Tax Increment Finance (TIF) District. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Study and Report for the proposed River Vine TIF District.
BACKGROUND:
The subject parcels are located within the City’s Downtown Fringe, generally bordered on the south by Spring Street (as extended east to the Fox River), on the east by the shores of the Fox River, on the north by a land owned by the Fox Valley Park District, and on the west by River Street. Currently, parts of the proposed TIF District are located within the City’s existing TIF # 5. The area location along the Fox River has been identified by the Downtown Master Plan as a focal point part of the “heart of Downtown” and is part of an area desired as a “vibrant designation with mixed use development, family friendly activities and nightlife entertainment”.
Constructing a new multi-family residential development on the banks of the Fox River in Downtown Aurora, particularly near the Aurora Transportation Center, has been a consistent recommendation of numerous City long-range planning documents for decades. Combined with the recommendations of the Downtown Housing Study (2019), the growing demand for rental housing, the redevelopment of long vacant historic buildings in the Downtown, and the recent completion of the new Pedestrian and Bicycle Bridge, the time for implementing the City’s vision is here.
An RDA with Windfall Group to construct a new apartment building that includes a parking structure and various amenities has been approved in 2022.
To establish a TIF district (“Redevelopment Project Area” or “RPA), Illinois municipalities must adopt several documents including a Redevelopment Plan and an Eligibility and Report.
DISCUSSION:
The creation of a TIF district requires several steps. The first public step is the announcement of the availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the proposed River Vine TIF District. This document is attached. It is important to note that the actual announcement is done by the full City Council at its February 28, 2023 meeting. Further steps associated with the creation of the TIF will include the provision of mailed notices, public notices, a Joint Review Board meeting and a public hearing. The City’s Corporation Counsel has engaged Elrod Friedman LLP to serve as the City's Special Counsel to support this TIF formation process.
Attachment 1 is the Certificate of Publication of the Announcement.
Attachment 2 is the Redevelopment Plan for the River Vine TIF District which includes the qualification report and provides a summary of the proposed TIF including the TIF border, budget, legal description, and potential development plans.
IMPACT STATEMENT:
Making this announcement will begin the formation process of the proposed River Vine TIF District. Failure to make this announcement will mean that this TIF District will not be created and needed financing for future development will not be created.
RECOMMENDATIONS:
Staff recommends the Committee forward this item to the City Council for formal announcement on February 28, 2023.
cc: Finance Committee:
Alderman Carl Franco, Chairperson
Alderman Sherman Jenkins, Vice Chairperson
Alderman Edward Bugg
Alderwoman Scheketa Hart-Burns
Alderwoman Shweta Baid