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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: August 31, 2020
SUBJECT:
An Ordinance Deleting Certain Property from the Redevelopment Project Area for City of Aurora Downtown Tax Increment Financing District No. 1.
PURPOSE:
As a part of the creation of the new Lake and Galena Tax Increment Financing (TIF) District, the City must remove the properties designated in the new TIF from the current TIF #1.
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 buiding, commonly known as the Hobbs Building, and 6-12 North River Street. The Joint Review Board met in August 2020 and unanimously recommended the creation of the new Lake and Galena TIF.
DISCUSSION:
The creation of the Lake and Galena TIF will be accomplished through a multi-step process involving the approval of the attached ordinance, the holding of a Public Hearing (done at the September 22, 2020 City Council Meeting), and the adoption of three separate ordinances at future council meetings to create the Lake and Galena TIF.
IMPACT STATEMENT :
The adoption of this ordinance will allow for the next steps in the creation of the new Lake and Galena TIF to be completed.
RECOMMENDATIONS:
Staff recommends approval of the Ordinance deleting certain property from the redevelopment project area for the City of Aurora Downtown Tax Increment Financing District No. 1 in order to continue the approval process for the proposed Lake and Galena TIF.
ATTACHMENTS:
EXHIBIT A - Legal Description for the Redevelopment Project Area for the City of Aurora Downtown Tax Increment Financing District No. 1
EXHIBIT B - Deleted Parcels Legal Description
EXHIBIT C - Legal Description for Amended Redevelopment Project Area for...
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