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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: July 13, 2021
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 the subject area known as the East Bank Development, at 100 North Broadway, and adjacent property on the Fox River in Downtown Aurora.
PURPOSE:
Adoption of a Reimbursement Resolution is the first step following the approval of the Redevelopment Agreement (RDA) with DAC Developers for a new multi-family residential development at 100 North Broadway on the east bank of the Fox River in Downtown Aurora. This resolution will allow initial expenses to be reimbursed by the TIF once formed later in 2021 or 2022.
BACKGROUND:
Constructing a new multi-family residential development on the banks of the Fox River in Downtown Aurora, particularly near the Aurora Transportation Center, has been a consistent recommendation of numerous City long-range planning documents for decades. Combined with the recommendations of the Downtown Housing Study (2019), the growing demand for rental housing, the redevelopment of long vacant historic buildings in the Downtown, and the recent completion of the new Pedestrian and Bicycle Bridge, the time for implementing the City's vision is here.
An RDA with DAC Developers to construct a new apartment building that includes a parking structure and various amenities will be presented to City Council at the same meeting as this resolution for review and approval. The development is planned for the property south of Jake's Bagels, and north of the Aurora Township building, which is currently a parking lot DEC Developers plans to use a variety of sources to fund this redevelopment including grants, loans, tax credits and TIF revenues paid solely from the development.
DISCUSSION:
The creation of the new TIF is critical to the redevelopment agre...
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