TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: June 17, 2015
SUBJECT: title
Public Hearing on Status Reports for Tax Increment Financing (TIF) District Nos. 1, 2, and 3
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The city has published annual reports for its TIF districts for many years. A relatively new state statute, Illinois Public Act 096-1335, has established an additional requirement for municipalities to publish a report addressing the long-term status of a TIF district. The "status reports" must include the following:
1.The amount of revenue generated within the TIF district.
2.Any expenditures made for the TIF district, including TIF fund expenditures.
3.The status of planned activities, goals and objectives, including new and planned construction.
4.The amount of public and private investment with the TIF district.
5.Other relevant evaluation or performance data.
The city engaged Kane, McKenna and Associates, Inc., to assist in the preparation of status reports for the following Aurora TIF districts:
1.Tax Increment Financing District No. 1 (Downtown).
2.Tax Increment Financing District No. 2 (Farnsworth).
3.Tax Increment Financing District No. 3 (RiverCity).
Public Act 096-1335 also requires that a municipality sponsoring a TIF district convene a public hearing to receive comments on the district's status report. Notice of the hearing must be published at least 20 days prior to the hearing.
The status reports pertaining to Aurora TIF District Nos. 1, 2, and 3 have been prepared. They have been posted on the city's website since June 2, 2015. A public hearing on the status reports has been scheduled for June 23, 2015 during the regular City Council meeting. Notice of the public hearing was published in The Beacon News on June 2, 2015.
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cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate