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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: February 15, 2016
SUBJECT:
To appoint the Seize the Future Development Foundation, a/k/a/ Invest Aurora, as the Designated Zone Organization for the River Edge Redevelopment Zone in the City of Aurora.
PURPOSE:
A Designated Zone Organization (DZO) can by State Statute perform a variety of projects, programming and public services that would be of benefit to the Aurora River Edge Redevelopment Zone. The City of Aurora, through its designated Zone Administrator, will continue to act as the liaison between the DZO and the State of Illinois. .
BACKGROUND:
The attached memo from Invest Aurora outlines some of the benefits of DZOs. Particular benefits outlined include allowing the municipality, through a DZO, additional leverage with property owners in the River Edge Redevelopment Zone (RERZ). This can include donation tax credits for properties that can be at double the value of the contribution. This is a valuable tool should owners desire to part with properties for redevelopment purposes. DZO's can also solicit cash or in-kind contributions, again, for approved programs and projects in the RERZ.
DISCUSSION:
Development interest in the downtown, and along the Fox River, has continued to increase over the years. I believe a Designated Zone Organization is another tool at a municipality's disposal to further redevelopment efforts for the benefit of the community.
IMPACT STATEMENT:
Given the functions to the DZO, there would be a positive impact on the RERZ, and would not negatively affect the General Public, or other departments and divisions.
RECOMMENDATIONS:
It is recommended that the Ordinance appointing Seize the Future Development Foundation a/k/a Invest Aurora as the Designated Zone Organization for the Aurora River Edge Redevelopment Zone be approved.
cc: Alderman Saville, Chairman
Alderman Donnell
Alderman Irvin
Alderman Hart-...
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