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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: July 21, 2020
SUBJECT:
An Ordinance Resetting the Dates 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 (Lincoln and Weston Tax Increment Financing District).
PURPOSE:
The Ordinance resets the dates for a Joint Review Board meeting and a public hearing to consider the designation of a redevelopment project area and the approval of a redevelopment plan and project for the District for the Old Copley Hospital site, to be known as the "Lincoln and Weston TIF District".
BACKGROUND:
The creation of this TIF District is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the Former Copley Hospital project.
DISCUSSION:
On February 25, 2020, the City approved ordinance O2020-015 setting the dates for a public hearing and a Joint Review Board (JRB) meeting to consider the referenced above redevelopment project area and the redevelopment plan and project of the Lincoln and Weston Tax Increment Financing District.
Due to Covid-19 outbreak such public hearing and JRB meeting could not take place. By approving the ordinance, the process restarts where it was left off.
The City approved a Redevelopment Agreement with Fox Valley Developers calling for the redevelopment of the former Copley Hospital. The Redevelopment Agreement calls for the City to provide financial incentives to the redevelopment project paid out of the creation of a new TIF District.
In order to create the TIF District, the City Council must first approve the Ordinance, which begins the process. Steps in the process of creating the TIF District include:
1. Adopting the Ordinance
2. Send notices of the Joint Review Board meeting
3. Send notices o...
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