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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director
DATE: August 17, 2023
SUBJECT:
An Ordinance Designating the City of Aurora Cross Street Tax Increment Financing District Redevelopment Project Area.
PURPOSE:
The Cross Street Tax Increment Financing District ("TIF District") is being created to support the JH Real Estate Development at 110 Cross Street. Staff has been working with our consultants, Ryan LLC, and Klein, Thorpe and Jenkins, Ltd (KTJ) to assist with the creation of the referenced TIF District. The Ordinance is the first one of three that will enable the City to create the TIF District that will support the mixed-use development at 110 Cross Street, as approved by the City Council in a previously approved Redevelopment Agreement in March 2023.
BACKGROUND:
The creation of this TIF District is part of an existing RDA approved with resolution R23-076 on March 14, 2023, between the City of Aurora and a private developer for the redevelopment of the long vacant real estate at 110 Cross Street.
110 Cross is a historic building purchased about 4 years ago by JH Real Estate.
Plans to renovate the building have been in the works since then including the recruitment of the well-regarded Foreign Exchange Brewing company.
DISCUSSION:
The creation of the Cross Street TIF District will be accomplished through a multi-step process that also entailed holding of a Public Hearing (August 8, 2023, City Council Meeting), and the adoption of three separate ordinances to create the Cross Street TIF District.
Included in this Agenda item are:
Exhibit A-1 -Redevelopment Project Area Legal Description
Exhibit A-2 - Street Location Map
Exhibit B - Aurora Cross Street TIF Redevelopment Plan
IMPACT STATEMENT:
The adoption of this ordinance will allow for the next steps in the creation of the Cross Street TIF District to be completed.
RECOMMENDATIONS:
Staff recommends the approval of the ordinance designating the City of Aurora Cross Street Tax Increment Financing District Redevelopment Project Area.
ATTACHMENTS:
Exhibit 1: Redevelopment Project Area Legal Description
Exhibit 2: Street Location Map
cc: Finance Committee
Alderman Carl Franco, Chairperson
Alderman Edward J. Bugg, Vice Chairperson
Alderwoman Shweta Baid
Alderman-At-Large Ron Woerman
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Designating the City of Aurora Cross Street Tax Increment Financing District Redevelopment Project Area.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. (“TIF Act”), the City authorized a study in regard to designating a redevelopment project area for the City’s Cross Street Tax Increment Financing District (“TIF District”); and
WHEREAS, on May 23, 2023, the City announced the availability of the redevelopment plan and project for the TIF District (“TIF Plan”), with said TIF Plan containing an eligibility report for the TIF District addressing the tax increment financing eligibility of the area proposed for designation as the redevelopment project area for said TIF District (“Redevelopment Project Area”); and
WHEREAS, a public hearing was held on August 8, 2023, regarding the TIF Plan; and
WHEREAS, the Mayor and City Council of the City have heretofore adopted and approved the TIF Plan, and it is now necessary and desirable to designate the area referred to therein as the Redevelopment Project Area;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Aurora, Illinois, as follows: SECTION 1: That the area described and depicted in EXHIBIT A-1 and EXHIBIT A-2 attached hereto, and made a part thereof, is hereby designated as the Redevelopment Project Area for the City’s Cross Street Tax Increment Financing District pursuant to Section 5/11-74.4-4 of the TIF Act (65 ILCS 5/11-74.4-4).
SECTION 2: That this Ordinance shall be in full force and effect from and after its adoption, approval and publication in pamphlet form as provided by law.
SECTION 3: That if any section, paragraph, clause, or provision of this Ordinance shall be held invalid, the invalidity thereof shall not affect any of the other provisions of this Ordinance.
SECTION 4: That all ordinances or parts of ordinances in conflict herewith are, to the extent of such conflict, hereby repealed.