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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director
DATE: December 11, 2023
SUBJECT:
An Ordinance Designating the City of Aurora West Farnsworth Tax Increment Financing District No. 7 Amended Redevelopment Project Area.
PURPOSE:
To amend the redevelopment project area redevelopment plan and project of the West Farnsworth Tax Increment Financing District No. 7 to reflect the removal of the eight (8) tax parcels (the "Removed Parcels") for the purpose of the creation of a new Tax Increment Finance ("TIF") District to be designated as the Farnsworth Bilter TIF District.
BACKGROUND:
The proposed first amendment to the existing West Farnsworth TIF District #7 will support the creation of a new proposed Farnsworth Bilter TIF District that is related to an existing Redevelopment Agreement ("RDA") approved between the City of Aurora and PENN Entertainment for the construction of a new Hollywood Casino at the southwest intersection of Farnsworth Avenue and Bilter Road in the City. The new Casino will create new construction jobs and permanent jobs, add new event space and new restaurants, establish a new hotel, increase gaming revenue for the City that supports many community services and programs throughout the entire City and - along with the Simon Chicago Premium Outlet Mall - strengthens the area as a rising regional and State destination. In addition, it's important to note that the RDA requires PENN to demolish the existing downtown casino and turn the land and the parking structures over to the City. The City's acquisition of the Downtown Hollywood Casino site will create new and exciting possibilities for the community to reimagine what should replace the floating casino on the tip of Stolp Island.
DISCUSSION:
The City has followed the required steps and procedures over the last several months to amend the existing West Farnsworth TIF District #7.
On September 26, 2023, the Council announced the availability of ...
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