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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: September 17, 2020
SUBJECT:
An Ordinance Designating the City of Aurora Lincoln and Weston Tax Increment Financing District Redevelopment Project Area.
PURPOSE:
The final steps in approving the Lincoln Weston Tax Increment Financing District includes the designation of the Redevelopment Plan and Project Area. The attached ordinance and attachments thereto include this information.
BACKGROUND:
The creation of this TIF District is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the Former Copley Hospital project.
DISCUSSION:
The City approved a Redevelopment Agreement with Fox Valley Developers calling for the redevelopment of the former Copley Hospital. The Redevelopment Agreement calls for the City to provide financial incentives to the redevelopment project paid out of the creation of a new TIF District. In order to create the TIF District, the City Council must approve the Ordinance, which will continue the City's vision for redevelopment of the Former Copley Hospital project.
IMPACT STATEMENT :
Failure to pass this ordinance designating the City of Aurora Lincoln and Weston Tax Increment Financing District Redevelopment Project Area will result in the inability to create the referenced Tax Increment Financing District and in the rescinding of the redevelopment agreement for the Former Copley Hospital project.
RECOMMENDATIONS:
Staff recommends the approval of the ordinance designating the City of Aurora Lincoln and Weston Tax Increment Financing District Redevelopment Project Area.
ATTACHMENTS:
Exhibit A-1: Redevelopment Project Area Description
Exhibit A-2: Street Location Map
cc: Finance Committee
Chair/Alderman Robert J. O'Connor
Alderman/Vice Chair Edward Bugg
Alderwoman Scheketa Hart-Burns
Alderman Carl Franco
Alderman Emmanuel Llamas
CITY OF AURO...
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