TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategies and Facilitation
DATE: July 5, 2019
SUBJECT:title
Introduce announcement of the availability of the Eligibility study and report, and the Redevelopment plan and project for the proposed TIF: River/Benton TIF.
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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 Tax Increment Finance (TIF) District River/Benton.
As a part of continued Downtown Redevelopment, the City intends to establish TIF District River/Benton. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Report for TIF District River/Benton.
BACKGROUND:
The creation of TIF District River/Benton is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the 80 South River project. The creation of this TIF District will continue this redevelopment within key parcels within the Downtown as noted in the attached plan.
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 and that this is scheduled for July 23, 2019. 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 a copy of the announcement.
Attachment 2 is the Redevelopment Plan for the River/Benton TIF District which 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 TIF District River/Benton. Failure to make this announcement will mean that these TIF District will not be created and needed downtown financing for future development will not be created.
RECOMMENDATIONS:
Staff recommends the Committee forward this announcement to the City Council for execution on July 23, 2019.
cc: Finance Committee:
Alderman Robert O’Connor, Chairperson
Alderman Edward J. Bugg, Vice Chairperson
Alderman Carl Franco
Alderman Scheketa Hart-Burns
Alderman Emmanuel Llamas