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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: January 13, 2020
SUBJECT:
An Ordinance Approving the City of Aurora's River and Benton Tax Increment Financing District, Redevelopment Project Area, Redevelopment Plan and Project.
PURPOSE:
The final steps in approving the River and Benton Tax Increment Financing District includes the approval of the Redevelopment Plan and Project Area. The attached ordinance and attachments thereto include this information.
BACKGROUND:
The creation of a TIF District for the River Benton area is part of an existing RDA between the City of Aurora and a private developer for the redevelopment of 80 South River. The creation of this TIF District will continue the City’s vision for redevelopment within key parcels within the Downtown as noted in the attached plan.
DISCUSSION:
The City Council has already approved a redevelopment agreement to assist with the 80 South River project, a major redevelopment project within this area, and the agreement calls for the use of TIF funds to assist in the redevelopment. Like TIF District 9, this TIF District is proposed to be a “micro-TIF” that is focused on a small area, to reduce impacts on other affected taxing bodies, instead of being a larger footprint.
IMPACT STATEMENT :
Failure to pass this TIF Redevelopment Plan and Project Area will result in the rescinding of the 80 South River Development Agreement.
RECOMMENDATIONS:
Staff recommends the Finance Committee Approve this Ordinance to be forwarded on to the Committee of the Whole at the January 21, 2020 meeting.
ATTACHMENTS:
Exhibit A-1: Redevelopment Project Area Description
Exhibit A-2: Street Location Map
River Benton Tax Increment Financing District TIF Plan
River Benton Tax Increment Financing District TIF Qualification Report
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 ________________
title
An Ordinance Approving the City of Aurora's River and Benton Tax Increment Financing District, Redevelopment Project Area, Redevelopment Plan and Project.
body
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 River Benton Tax Increment Financing District (“TIF District”); and
WHEREAS, on July 23, 2019, 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 October 8, 2019, 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 River Benton 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.
ADOPTED this 28th day of January, 2020, pursuant to a roll call vote as follows:
AYES:
NAYS:
ABSENT:
APPROVED by me this 28th day of January, 2020.
Richard Irvin, City Mayor
(SEAL)
ATTEST:
Jennifer Stallings, City Clerk