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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director of the Mayor's Office of
Economic Development
DATE: August 17, 2023
SUBJECT:
An Ordinance Designating the City of Aurora River Vine Tax Increment Financing District Redevelopment Project Area.
PURPOSE:
The River Vine Tax Increment Financing District ("TIF District") is being created to support the Windfall development at 309 N River Street. 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 Windfall residential apartment development, as approved by the City Council in a previously approved Redevelopment Agreement in 2022.
BACKGROUND:
The subject parcels are located within the City's Downtown Fringe area, generally bordered on the south by Cedar Street (as extended east to the Fox River), on the east by the shores along the Fox River, on the north by a certain park land owned by the Fox Valley Park District, and on the west by River Street. Currently, parts of the proposed TIF District is 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 Pe...
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