TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategies and Facilitation
DATE: August 22, 2019
SUBJECT:title
In compliance with the TIF Act, this agenda item shall serve as the City's announcement of its intent to establish a Tax Increment Finance (TIF) District for 75th Street and Ogden Avenue.
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PURPOSE:
As a part of continued City-wide development and improvement the City intends to establish a 75th Street and Ogden Avenue TIF District. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Report for TIF District.
BACKGROUND:
The creation of a TIF District for the 75th Street and Ogden Avenue area is part of an existing RDA between the City of Aurora and a private developer for a highly-visible redevelopment on a long vacant property currently called Cedarwood which will be a senior housing development. The creation of the TIF District will support development of the property and the construction of an extension of Commons Road and its associated infrastructure.
DISCUSSION:
The creation of a TIF requires several steps. The first public step is the announcement of the TIF by providing the Redevelopment Project and Plan. This document is attached. It is important to note that the actual announcement is done by the full City Council and that this is scheduled for September 10, 2019. Further steps associated with the creation of the TIF will include the provision of mailed notices, public notices, a Joint Review Board meeting and a public hearing. The Corporation Counsel has engaged Klein Thorpe and Jenkins to serve as the City's Special Counsel to support this TIF formation process. Attachment 1 is a copy of the announcement.
Attachment 2 is the Redevelopment Plan for the 75th Street and Ogden Avenue District which provides a summary of the proposed TIF including the TIF border, budget, legal description and potential development plans.
IMPACT STATEMENT:
Making this announc...
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