cover
TO: Mayor Richard C. Irvin
FROM: City Staff
DATE: April 15, 2022
SUBJECT:
A resolution in support of the continued importance of Tax Increment Financing (TIF) as an economic development tool for the city.
BACKGROUND:
Aurora has undergone significant changes over the past several years, the majority of which would not have been possible without tools like the RiverEdge Redevelopment Zone or Tax Increment Financing (TIF). Aurora also holds the distinction of being home to the State's most successful TIF (TIF 2), which led to the construction of the Chicago Premium Outlet Mall (CPO). The CPO has held a consistent position in the "Top Ten" taxpayers in Aurora and also created a base for future city development.
DISCUSSION:
The city has fourteen (14) active TIFs throughout the city. These TIFs represent a blend of "micro" and "traditional" TIFs, all created in partnership with neighboring taxing bodies. As a former industrial down, with historic buildings and neighborhoods, significant riverfront and aging structures to name a few, TIFs remain a vital economic development tool. The city utilizes TIFs in a responsible and transparent manner and continues to advocate for their responsible use.
The passage of this resolution is symbolic and is done in tandem with local legislative efforts and at the request of the Illinois Municipal League (IML). The IML has worked closely with municipalities to maintain the integrity of TIFs and has organized an effort to have cities throughout the state to submit resolutions in support of these efforts.
IMPACT STATEMENT:
N/A
RECOMMENDATIONS:
Staff respectfully requests this resolution be approved.
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution in support of Tax Increment Financing (TIF) as a vital economic development tool.
body
WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsec...
Click here for full text