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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director
DATE: December 11, 2023
SUBJECT:
An Ordinance Approving the City of Aurora Farnsworth Bilter Tax Increment Financing District Redevelopment Project Area Redevelopment Plan and Project.
PURPOSE:
The Farnsworth Bilter Tax Increment Financing District ("TIF District") is being created to support the new Hollywood Casino development at the southwest corner of Farnsworth Avenue and Bilter Road in the City. Staff has been working with our consultants, Ryan, LLC (formerly known as Kane, McKenna and Associates), and Elrod Frieman LLP to assist with the creation of the TIF District. The Ordinances create the TIF District that will support the Hollywood Casino development, as approved by the City Council in a previously approved Redevelopment Agreement in 2022.
BACKGROUND:
The creation of this TIF District is related to an existing Redevelopment Agreement ("RDA") approved in October of 2022 between the City of Aurora and PENN Entertainment for the construction of a new Hollywood Casino at the southwest intersection of Farnsworth Avenue and Bilter Road in the City. The new Casino will create new construction jobs and permanent jobs, add new event space and new restaurants, establish a new hotel, increase gaming revenue for the City that supports many community services and programs throughout the entire City and - along with the Simon Chicago Premium Outlet Mall - strengthens the area as a rising regional and State destination.
DISCUSSION:
Attached to the Ordinance is the TIF District Redevelopment Plan prepared by Ryan, LLC that guides improvements, activities, and projects within the TIF District in order to stimulate private investment, along with a map and legal description of the TIF District. Designating a TIF District will allow the City to collect and use incremental property taxes in support of redevelopment efforts over the life of the TIF.
IMPACT STATEMENT :...
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