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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: September 17, 2020
SUBJECT:
An Ordinance Designating the City of Aurora Lincoln and Weston Tax Increment Financing District Redevelopment Project Area.
PURPOSE:
The final steps in approving the Lincoln Weston Tax Increment Financing District includes the designation of the Redevelopment Plan and Project Area. The attached ordinance and attachments thereto include this information.
BACKGROUND:
The creation of this TIF District is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the Former Copley Hospital project.
DISCUSSION:
The City approved a Redevelopment Agreement with Fox Valley Developers calling for the redevelopment of the former Copley Hospital. The Redevelopment Agreement calls for the City to provide financial incentives to the redevelopment project paid out of the creation of a new TIF District. In order to create the TIF District, the City Council must approve the Ordinance, which will continue the City’s vision for redevelopment of the Former Copley Hospital project.
IMPACT STATEMENT :
Failure to pass this ordinance designating the City of Aurora Lincoln and Weston Tax Increment Financing District Redevelopment Project Area will result in the inability to create the referenced Tax Increment Financing District and in the rescinding of the redevelopment agreement for the Former Copley Hospital project.
RECOMMENDATIONS:
Staff recommends the approval of the ordinance designating the City of Aurora Lincoln and Weston Tax Increment Financing District Redevelopment Project Area.
ATTACHMENTS:
Exhibit A-1: Redevelopment Project Area Description
Exhibit A-2: Street Location Map
cc: Finance Committee
Chair/Alderman Robert J. O'Connor
Alderman/Vice Chair Edward Bugg
Alderwoman Scheketa Hart-Burns
Alderman Carl Franco
Alderman Emmanuel Llamas
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance Designating the City of Aurora Lincoln and Weston 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, the City of Aurora (“City”) 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 and 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 Lincoln and Weston Tax Increment Financing District (“TIF District”); and
WHEREAS, on February 11, 2020, 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 September 22, 2020, in regard to 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 Lincoln and Weston 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.