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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Assistant Director
DATE: February 16, 2022
SUBJECT:
A Resolution with Respect to the Potential Reimbursement of Eligible Costs in a Possible Tax Increment Finance District (TIF) and to Induce Development Interest on a portion of currently City-Owned land on the west bank of the Fox River north of Downtown Aurora called the River and Vine TIF, and as authorized under the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74-.4-1 and 65ILCS 5/11-74.4-3(q).
PURPOSE:
Adoption of a Reimbursement Resolution will allow initial expenses to be reimbursed by a TIF if formed.
BACKGROUND:
For nearly 30 years the property being considered for a TIF has been a surface parking lot. However, because of increased developer interest as a result of a combination of factors including: the opening of the new pedestrian and bicycle bridge; the economic development activity in our downtown; and the increasing interest in living Downtown, a developer (Windfall Group, LLC) is interested in acquiring the property to construct new market-rate housing. Windfall Group, LLC is the same company redeveloping Pacifica Square shopping center on the city's far East Side.
City Council approved a Redevelopment Agreement (an RDA) with Windfall group on February 2, 2022 to develop this property as a new residential project that is to include 140 rental apartment units and 20 townhouses.
This resolution does not commit the City to adopting a TIF.
DISCUSSION:
The redevelopment of the city-owned land on the west bank of the Fox River north of Downtown (approximately 9 acres) has long been envisioned for redevelopment. For decades the nine acres has been shown as future large mixed-use redevelopment projects including a mix of residential and commercial. Three master plans' in particular have shown this area being redeveloped:
Seize the Future: A Master Plan for Downtown Aurora, Illinois (2005)
Aurora Riverfront Vision: De...
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