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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director of the Mayor's Office of
Economic Development
DATE: August 17, 2023
SUBJECT:
An Ordinance Approving the City of Aurora Cross Street Tax Increment Financing District Redevelopment Project Area Redevelopment Plan and Project.
PURPOSE:
The Cross Street Tax Increment Financing District ("TIF District") is being created to support the JH Real Estate Development at 110 Cross Street. Staff has been working with our consultants, Ryan LLC, and Klein, Thorpe and Jenkins, Ltd (KTJ) to assist with the creation of the referenced TIF District. The Ordinance is the first one of three that will enable the City to create the TIF District that will support the mixed-use development at 110 Cross Street, as approved by the City Council in a previously approved Redevelopment Agreement in March 2023.
BACKGROUND:
The creation of this TIF District is part of an existing RDA approved with resolution R23-076 on March 14, 2023, between the City of Aurora and a private developer for the redevelopment of the long vacant real estate at 110 Cross Street.
110 Cross is a historic building purchased about 4 years ago by JH real estate.
Plans to renovate the building have been in the works since then including the recruitment of the well-regarded Foreign Exchange Brewing company.
DISCUSSION:
The creation of the Cross Street TIF District will be accomplished through a multi-step process that also entailed holding of a Public Hearing (August 8, 2023, City Council Meeting), and the adoption of three separate ordinances to create the Cross Street TIF District.
IMPACT STATEMENT:
The adoption of this ordinance will allow for the next steps in the creation of the Cross Street TIF District to be completed.
RECOMMENDATIONS:
Staff recommends the approval of the ordinance approving the City of Aurora Cross Street Tax Increment Financing District Redevelopment Project Area.
ATTACHMENTS:
Exhi...
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