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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: September 3, 2019
SUBJECT:
Tax Increment Finance District (TIF) Feasibility Studies - Avalon Heights/Fox Valley Developers LLC and Fox Valley Mall/Centennial Properties, using the services of Kane McKenna and Associates.
PURPOSE:
To analyze the possibility of creating a Tax Increment Finance Districts (1)in the area commonly known as Old Copley Hospital, and (2) in the area commonly known as the Fox Valley Mall.
BACKGROUND:
The cleanup of the Old Copley Hospital (newly named the Avalon Heights)campus has been completed by Fox Valley Developers as detailed in the Redevelopment Agreement approved in 2018 by the City. This major accomplishment allows for the initiation of Phase II of this project, the renovation of this campus into a multi-use facility including senior living, commercial health services, and the completion of a training and administration facility for Aurora School District 131.
The continued success of the Fox Valley Mall is a critical component to economic stability for the Route 59 Corridor and the City of Aurora as a whole. The decline of these types of malls and the big box retailers contained within them is a well-documented issue throughout the United States. Centennial Real Estate, the owners of a large portion of the Mall have approached the City with potential redevelopment opportunities that will provide much needed investment and stability to the entire area.
In order to finance these projects, the City can consider the use of Tax Increment Financing for the sites. This will require an eligibility report for each district, which has been conducted by Kane McKenna and Associates for all previous City TIF districts.
DISCUSSION:
Kane McKenna has provided TIF consulting work on all of the current active TIFs for the City. The firm provides timely responses, flexible scheduling and is an accepted expert in the field of TIF eli...
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