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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: January 10, 2020
SUBJECT:
An Ordinance Designating the City of Aurora's 75th Street and Ogden Avenue Tax Increment Financing District, Redevelopment Project Area.
PURPOSE:
The final steps in approving the 75th Street and Ogden Avenue 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 a TIF District for the 75th Street and Ogden Avenue area is part of an existing RDA between the City of Aurora and a private developer for a highly-visible redevelopment on a long vacant property currently called Cedarwood which will be a senior housing development. The creation of the TIF District will support development of the property and the construction of an extension of Commons Road and its associated infrastructure.
DISCUSSION:
The project will provide much needed senior housing to the area, significantly increase the value of the vacant land at 75th Street and Ogden Avenue, improve the flow of traffic in that area through the extension of Commons Drive, and ultimately provide additional revenue for all of the affected taxing districts without any added service demands (e.g. no new students, minimal park district recreational needs).
The City is still in discussions with School District 204 regarding amendments to this TIF to either shorten the total duration below the statutory limit of 23 years or to provide for revenue sharing agreements regarding the tax increment that is anticipated to be produced above what is required to fund the completion of Commons Drive and stormwater improvements.
IMPACT STATEMENT :
Failure to pass this TIF Redevelopment Plan and Project Area will result in the rescinding of the Cedarwood 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
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 Designating the City of Aurora's 75th Street and Ogden Avenue 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 of Aurora (“City”) authorized a study in regard to designating a redevelopment project area for the City’s 75th Street Ogden Avenue Tax Increment Financing District (“TIF District”); and
WHEREAS, on September 10, 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 December 10, 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, by the Mayor and 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 75th Street Ogden Avenue 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 ___ day of January, 2020, pursuant to a roll call vote as follows:
AYES:____________________________________________________
NAYS:____________________________________________________
ABSENT:__________________________________________________
APPROVED by me this ___ day of January, 2020.
____________________________________
Richard Irvin, City Mayor
(SEAL)
ATTEST:
________________________________
Jennifer Stallings, City Clerk