TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: September 3, 2020
SUBJECT:title
Public Hearing regarding the creation of the proposed Lake Galena Tax Increment Finance District.
body
PURPOSE:
To conduct a Public Hearing to be held on September 22, 2020 by the City Council for the creation of Lake Galena Tax Increment Finance District.
BACKGROUND:
The creation of this TIF District is part of an existing RDA approved with resolution R2019-330 on September 24, 2019 between the City of Aurora and a private developer for the highly-visible redevelopment of the 2-4 North River Street, commonly known as the Hobbs Building, and 6-12 North River Street.
DISCUSSION:
Included in this Agenda item are:
Attachment 1 is the Certificate of Publication of the Announcement.
Attachment 2 is the Redevelopment Plan for the Lake and Galena 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 Lake and Galena TIF District- Publication _ Mailing (English and Spanish) Notice Setting JR
IMPACT STATEMENT:
N/A.
RECOMMENDATIONS:
To hold the Public Hearing by the City Council on September 22, 2020 for the adoption of Lake Galena TIF.
cc: Finance Committee: Alderman Robert O’Connor, Chairperson Alderman Edward J. Bugg, Vice Chairperson Alderman Carl Franco Alderwoman Scheketa Hart-Burns Alderman Emmanuel Llamas