TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Planner
DATE: July 1, 2020
SUBJECT:title
Introduce announcement of the availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the proposed Lake and Galena 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 Lake and Galena Tax Increment Finance (TIF) District. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Report for the proposed Lake and Galena TIF District.
BACKGROUND:
The creation of this TIF District is part of an existing RDA approved with resolution R2019-330 on September 24, 2019 between the City of Aurora and a private developer for the highly-visible redevelopment of the 2-4 North River Street, commonly known as the Hobbs Building, and 6-12 North River Street.
DISCUSSION:
The creation of a TIF requires several steps. The first public step is the announcement of the TIF by providing the Redevelopment Project and Plan. This document is attached. It is important to note that the actual announcement is done by the full City Council at its July 14, 2020 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 Corporation Counsel has engaged Klein Thorpe and Jenkins 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 Lake and Galena TIF District which provides a summary of the proposed TIF including the TIF border, budget, legal description and potential development plans.
Attachment 3 is the Eligibility Study and Report.
IMPACT STATEMENT:
Making this announcement will begin the formation process of the proposed Lake and Galena TIF District. Failure to make this announcement will mean that these TIF District will not be created and needed financing for future development will not be created.
RECOMMENDATIONS:
Staff recommends the Committee forward this announcement to the City Council for execution on July 14, 2020.
cc: Finance Committee:
Alderman Robert O’Connor, Chairperson
Alderman Edward J. Bugg, Vice Chairperson
Alderman Carl Franco
Alderwoman Scheketa Hart-Burns
Alderman Emmanuel Llamas