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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: March 21, 2019
SUBJECT:
A Resolution With Respect to the Potential Reimbursement of Eligible Costs in a Possible Tax Increment Finance District (TIF) and to Induce Development Interest within Such Area (Property bounded by 75th St and Route 34/Ogden Ave and the Proposed Commons Drive Extension.
PURPOSE:
Adoption of a Reimbursement Resolution is the first step following the approval of the Redevelopment Agreement (RDA) with Aurora Town Center Associates LLC (Cedarwood), for the redevelopment of the area bounded by 75th St. and Route/34 Ogden Ave and the proposed Commons Drive extension. This resolution will allow initial expenses to be reimbursed by the TIF once formed later in 2019.
BACKGROUND:
The area bounded by 75th St. and Ogden Avenue has remained vacant since the Great Recession. The development proposed is for Senior Living and Memory Care facilities, both of which are recommended uses in the Route 59 Study. This use also does not add any students to the District 204 school system.
The City has required developers to provide major infrastructure as a part of the development and this development site includes a requirement to complete the extension of Commons Drive from Ogden to 75th Street. Through the use of a TIF, the City will be able to fund both public and private improvements for the development.
DISCUSSION:
The Mayor's Office of Economic Development has negotiated with Cedarwood representatives for the past year, resulting in a RDA being approved by the City Council in February 2019. This agreement, representing two building phases will result in new development of approximately $29 million.
The RDA with Cedarwood requires the adoption of a TIF for the development area. The City will follow the same steps utilized for the adoption of TIF #9 including multiple public meetings and an intergovernmental meeting of the Joint Review Board w...
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