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TO: Mayor Richard C. Irvin
FROM: Christopher Minick, Chief Financial Officer/City Treasurer
DATE: October 5, 2021
SUBJECT:
An Ordinance notifying all taxing bodies of the closure of Aurora Downtown Tax Increment Financing (TIF) District #1.
PURPOSE:
In order to close a TIF, the City must notify the taxing bodies in which the TIF is located of the intent to close the District. TIFs can be closed prior to their statutory end date and the procedure for closing a TIF early or at the end of life is the same. This notification provides all taxing bodies early information on the potential new tax base that will be accessible for their respective 2022 tax levies.
BACKGROUND:
TIF #1, as noted by the number is the first TIF to be created by the City. This TIF covers the downtown north of Benton, and a map of the District is attached. As noted in the ordinance, this TIF has been extended by 12 years from the original duration and has also been amended several times recently during the creation process for the Micro TIFs beginning in FY 2019 as noted below
Stolp Island TIF #9 - Keystone Project
Galena Broadway TIF #10 - Terminal Project
River Benton TIF #11 - 80 S. River Project
River Galena TIF #13 - Hobbs Project
DISCUSSION:
Each year the City files both an independent audit and a state certification report for each TIF district. These reports include information regarding the projects, expenses, debt and tax increment associated with the district. TIF#1 started in 1986 with an assessed value of $5.71 million and as of December 31, 2020 had an assessed value of $23.91 million, a growth of $18.2 million or 319% over the life of the district.
The tax increment for 2021 was $1.764 million and if this tax increment remained the same, this is the amount of new tax revenue available to all taxing bodies for the 2023 fiscal year. Attached is a sample breakdown of the relative portion of each taxing district, and the amount in new taxes they can receive, wi...
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