TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: May 15, 2023
SUBJECT:title
Announcement of the Availability of the Eligibility Study and Report, and the Redevelopment Plan and Project for the Proposed Cross Street 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 Cross Street Tax Increment Finance (TIF) District. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Report for the proposed Cross Street TIF District.
BACKGROUND:
The subject parcels are located immediately adjacent to the City's Downtown Fringe within the Current TIF #3., The proposed TIF District is east of Middle Avenue, north of Company 251, west of S. River Street, and south of Cross Street.
The area location described above has been underutilized and blighted for decades. Within the boundary of the proposed Cross Street TIF is 110 Cross; a long vacant industrial/warehouse building purchased approximately four years ago by JH Real Estate.
Constructing a new multi-family residential development near downtown, 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 buildings, the time for implementing the City's vision is here.
On March 4, 2023, a redevelopment agreement was approved between the developer, JH Real Estate Partners LLC, and the City of Aurora (resolution R2023-076, Legistar #23-0190). Per the RDA the City will create a TIF with 70% of the benefit going to the developer.
To establish a TIF District ("Redevelopment Project Area" or "RPA), Illinois municipalities must adopt several documents including a Redevelopment Plan and an Eligibility Report.
DISCUSSION:
The creation of a TIF district requires several steps. The first p...
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