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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director
DATE: October 11, 2021
SUBJECT:
SUBJECT:
Request authorization to execute a Sales Tax Sharing Agreement with Windfall Group. The agreement calls for the sharing of sales tax revenues between the City of Aurora and Windfall LLC (formerly Pacific) for Phase II of the Pacifica Development project in an amount not to exceed $2.5 million for a not to exceed period of 15 years, whichever occurs first.
PURPOSE:
Sales Tax sharing was part of an incentive package given to Windfall as an inducement to move forward with their purchase, renovation, reposition and expansion of the former Yorkshire Plaza shopping center located on New York Street and State Route 59. The three-tiered incentive packages as approved by City Council on February 27, 2018 with resolution R18-048. Through resolution R19-065 on March 12, 2019 the City approved a sales tax sharing agreement associated with the Phase I improvements to the former Yorkshire Mall.
BACKGROUND:
The City continues to examine development and redevelopment activities throughout the Route 59 Development Corridor. The redevelopment of the Yorkshire Plaza is an example of revitalization of sales tax producing businesses that provide needed retail and restaurant facilities to Aurora residents. Expanding this area with more retail is complimentary to the changes immediately south at the Fox Valley Mall site, which is evolving into a mixed use of residential, experiential, and retail uses. Windfall is an international business with a variety of interests with a demonstrated expertise and significant portfolio in real estate. The company repositioned retail shopping centers in the United States by concentrating on securing Asian themed vendors that mix seamlessly with other more traditional stores. He and his team determined that Yorkshire was well positioned to offer a bustling urban 'Chinatown" experience with an active releasing program, substantially rede...
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