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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: September 16, 2019
SUBJECT:
An Ordinance Calling for a Public Hearing and a Joint Review Board Meeting to Consider the Designation of a Redevelopment Project Area and the Approval of a Redevelopment Plan and Project for the City of Aurora (75th Street Ogden Avenue Tax Increment Financing District).
PURPOSE:
The Ordinance would start the process of creating a Tax Increment Financing (TIF) District on the east side of the City, to be known as the "75th Street Ogden Avenue TIF District." The Ordinance sets dates for a Joint Review Board meeting and a public hearing, and calls for the notices to be given in connection with the meeting and public hearing.
BACKGROUND:
Redevelopment of the City's blighted or long vacant properties is a high priority. The area designated in this proposed TIF has been vacant for decades. As is the case for all property in areas that have not previously been developed, the City requires infrastructure to be built at the developer's cost. The requirement for the property to provide for the construction/extension of Commons Drive has created a burden on the property that has prevented development to date. In order to bridge this financing gap and boost the economic development of the property, the creation of this TIF will allow for the developer to fund the extension of Commons Drive through tax increment property taxes.
DISCUSSION:
The City approved a Redevelopment Agreement with Cedarwood Development, Inc. calling for the redevelopment of property in the area of 75th Street and Ogden Avenue, with a 87 bed assisted living facility (Phase I) followed by the construction of a 144 unit independent living complex. It is estimated that the design and construction of the Commons Drive extension will be $7.1 million. Based on the value of Phase I and Phase II of this development, staff es...
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