TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: February 10, 2023
SUBJECT:title
Introduce announcement of the availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the proposed River Vine TIF District.
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PURPOSE:
In compliance with the TIF Act, this agenda item shall serve as the City's announcement of its intent to establish a River Vine Tax Increment Finance (TIF) District. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Study and Report for the proposed River Vine TIF District.
BACKGROUND:
The subject parcels are located within the City's Downtown Fringe, generally bordered on the south by Spring Street (as extended east to the Fox River), on the east by the shores of the Fox River, on the north by a land owned by the Fox Valley Park District, and on the west by River Street. Currently, parts of the proposed TIF District are located within the City's existing TIF # 5. The area location along the Fox River has been identified by the Downtown Master Plan as a focal point part of the "heart of Downtown" and is part of an area desired as a "vibrant designation with mixed use development, family friendly activities and nightlife entertainment".
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 Windfall Group to construct a new apartment building that includes a parking structure and various amenities has been approved in 2022.
To...
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