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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director in the Mayor's Office of
Economic Development
DATE: August 3, 2023
SUBJECT:
An Ordinance Making Minor Amendments to the Redevelopment Plan and Project for the City of Aurora Proposed River Vine Tax Increment Financing District.
PURPOSE:
This Amendment proposes the reduction of the terms of the proposed River Vine Tax Increment District from 23 years to 20 years.
BACKGROUND:
The creation of this TIF District is required by an existing RDA approved by the City Council in Resolution R22-223 on July 26, 2022, between the City of Aurora and a private developer for the highly visible redevelopment on the west bank of the Fox River of the long vacant parking lot at 309 North River Street.
As part of the cooperative and transparent process of creating a TIF District, City staff met with the associated public school district administration, which for this property is West Aurora School District #129, to discuss the proposed TIF District and the specific RDA. School District #129 asked if the TIF could be reduced from the allowable 23- year term to a 20-year term. Once City staff determined that the project approved in the RDA could meet its funding needs with a 20-year term, staff agreed to the lesser term. Previous Legistar memoranda have also come before Council that calls for this proposed term to be 20 years.
DISCUSSION:
Reducing the term of the River Vine TIF District will not impede the redevelopment of the Westbank project. It also shows the City's cooperation and willingness to work with our other taxing districts.
The changes, depicted in the attached Exhibit B include the following:
- page 26, line 17 of the River Vine TIF Redevelopment Plan, third paragraph of the "Sources of Funds to Pay Redevelopment Project Costs": " 2021 tax year for the RPA" is changed to read " 2022 tax year for the RPA".
- page 26, line 30 of the River Vine TIF Redevelopm...
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