TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: October 2, 2013
SUBJECT: title
An Ordinance Dissolving the City of Aurora Tax Increment Financing District #2 (Farnsworth TIF).
body
PURPOSE:
To obtain the City Council's approval of the attached resolution that would serve to dissolve Tax Increment Financing (TIF) District #2 (Farnsworth).
BACKGROUND:
On June 27, 1989, the City of Aurora established its TIF District #2. This TIF district was generally bounded by Butterfield Road on the north; Beverly Road (extended) on the east; Interstate Route 88 on the south; and Mitchell Road on the west. The district was formed to provide resources to mitigate flooding and other conditions of blight that were noted as impediments to development. The life of TIF District #2 expired on December 31, 2012. However, monies in the city's special tax allocation fund for the district may be expended for eligible redevelopment costs for up to one year after the district's life expires.
Through the end of 2013, TIF District #2 will have generated approximately $62.0 million for redevelopment projects.
DISCUSSION:
To facilitate the efficient dissolution of TIF District #2, a dissolution ordinance should be filed with the Kane County Clerk. The attached ordinance would satisfy the Kane County Clerk's administrative requirements for dissolving the TIF district.
The ordinance also provides for any remaining balance in our TIF District #2 Fund (i.e., the special tax allocation fund) to be declared surplus and distributed to the taxing districts overlapping the TIF District. It is anticipated that any surplus will be nominal.
IMPACT STATEMENT:
Not applicable.
RECOMMENDATIONS:
That the City Council adopt the attached, proposed ordinance that would serve to dissolve TIF District #2.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Peters, Alternate