cover
TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 6, 2016
SUBJECT:
To approve the first ordinance necessary to add the City-owned property at 2065 Bilter Road to Tax Increment Financing District No. 8.
PURPOSE:
This ordinance approves the amendment to the Redevelopment Plan and Project previously adopted for the expansion of the Chicago Premium Outlets. The amended plan now includes the 5 acre parcel owned by the City of Aurora directly north of Tax Increment Financing District No. 8.
BACKGROUND:
The City acquired the property and annexed it into the City over the past year. It is being considered for an additional access drive into the Chicago Premium Outlets.
DISCUSSION:
By having the property included in TIF No. 8, the acquisition costs and driveway construction become TIF eligible expenses.
IMPACT STATEMENT:
The action being recommended will have no negative impact on the City and its residents.
RECOMMENDATIONS:
It is recommended that the Ordinance be approved.
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance of the City of Aurora, DuPage, Kane, Kendall and Will Counties, Illinois, Amending a Tax Increment Redevelopment Plan and Redevelopment Project for the East Farnsworth TIF District No. 8 Redevelopment Project Area
body
WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, WHEREAS, it is desirable and in the best interest of the citizens of the City of Aurora, DuPage, Kane, Kendall, and Will Counties, Illinois (the "City"), for the City ...
Click here for full text