cover
TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: August 5, 2020
SUBJECT:
An Ordinance Calling for a Public Hearing and a Joint Review Board Meeting to Consider the Designation of a Redevelopment Project Area and the Approval of a Redevelopment Plan and Project for the City of Aurora Fox Valley Mall Area Tax Increment Financing District.
PURPOSE:
The City is proceeding with the creation of an additional "micro" TIF District along the skirt of the City, along the Illinois State Route 59. The Ordinance would start the process of creating another TIF District, to be known as the "Fox Valley Mall Area Tax Increment Financing District." The Ordinance sets dates for a Joint Review Board meeting and a public hearing, and calls for the notices to be given in connection with the meeting and public hearing during which the designation of a redevelopment project area and the approval of a redevelopment plan and project will be discussed.
BACKGROUND:
Like many similar malls, Fox Valley Mall has been challenged by changes in consumer behavior in recent decades. These challenges have created conditions which have inhibited private investment and have led to a general decline and economic underutilization of the area. Recognizing the need to take action, the City has focused recent planning efforts on the Route 59 Corridor in general, and the Fox Valley Mall area in particular, resulting in a call to reuse and revitalize the area.
Given economic factors that have impacted malls nationwide and in conformance with its recent Route 59 Corridor Study Comprehensive Plan (2019), the City has determined that the Fox Valley Mall area as a whole would not be redeveloped in a coordinated manner without the adoption of a Tax Increment Financing Redevelopment Plan.
The City has pursued the strategy of creating micro TIF Districts from significant areas and properties to support ...
Click here for full text