TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director
DATE: April 21, 2023
SUBJECT:title
Public hearing regarding the creation of the proposed River Vine TIF District.
body
PURPOSE:
To conduct a Public Hearing to be held on May 9, 2023, by the City Council for the creation of the River Vine Tax Increment Finance District.
BACKGROUND:
The creation of this TIF District is part of an existing RDA approved with resolution R22-023 on February 8, 2022, between the City of Aurora and a private developer for the highly visible redevelopment on the west bank of the Fox River of the long vacant parking lot at 309 North River Street.
DISCUSSION:
Included in this Agenda item are:
Attachment 1 Publication of the Announcement.
Attachment 2 is the Redevelopment Plan for the River Vine TIF District which provides a summary of the proposed TIF including the TIF border, budget, legal description, and potential development plans.
Attachment 3 is the Eligibility Study and Report
Attachment 4 River Vine TIF District- Publication _ Mailing (English and Spanish) Notice Setting Joint Review Board
IMPACT STATEMENT:
N/A.
RECOMMENDATIONS:
To recommend the holding of the Public Hearing by the City Council on May 9, 2023, for the adoption of the River Vine TIF District
cc: Finance Committee
Alderman Carl Franco, Chairperson
Alderman Sherman Jenkins, Vice Chairperson
Alderman Edward Bugg
Alderwoman Scheketa Hart-Burns
Alderwoman Shweta Baid