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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: September 25, 2019
SUBJECT:
An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora Downtown Tax Increment Financing District No. 1.
PURPOSE:
As a part of the creation of TIF River Benton and TIF Galena Broadway, the City must remove the properties designated in the new TIFs from the current TIF #1.
BACKGROUND:
The creation of TIF River Benton is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the 80 South River project. The creation of this TIF District will continue this redevelopment within key parcels within the Downtown.
The creation of TIF District Galena Broadway is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the Terminal Building. The creation of this TIF District will continue redevelopment within key parcels of the Downtown.
The Joint Review Board, composed of all taxing bodies with taxing authority on the property covered by TIF #1, TIFs River Benton and Galena Broadway met in September 2019 and unanimously recommended the creation of TIF River Benton, and TIF Galena Broadway.
DISCUSSION:
The creation of TIF River Benton and TIF Galena Broadway will be accomplished through a multi-step process involving the approval of the attached ordinance, the holding of a Public Hearing (done at the 10/22/2019 City Council Meeting), and the adoption of three separate ordinances at future a council meeting to create TIF River Benton and TIF Galena Broadway.
IMPACT STATEMENT:
The adoption of this ordinance will allow for the next steps in the creation of TIF River Benton and TIF Galena Broadway to be completed.
RECOMMENDATIONS:
Staff recommends that the City Council adopt this ordinance to continue the approval process for TIF River Bent...
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