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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 6, 2016
SUBJECT:
To approve the third and final ordinance necessary to add the City-owned property at 2065 Bilter Road to Tax Increment Financing District No. 8.
PURPOSE:
This ordinance allows for the collection of any tax increment coming from this site in the future pursuant to the TIF Act.
BACKGROUND:
The City acquired the property and annexed it into the City over the past year. It is being considered for an additional access drive into the Chicago Premium Outlets.
DISCUSSION:
By having the property included in TIF No. 8, the acquisition costs and driveway construction become TIF eligible expenses.
IMPACT STATEMENT:
The action being recommended will have no negative impact on the City and its residents.
RECOMMENDATIONS:
It is recommended that the Ordinance be approved.
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance of the City of Aurora, DuPage, Kane, Kendall, and Will Counties, Illinois, Confirming Tax Increment Allocation Financing for East Farnsworth TIF District No. 8 Redevelopment Project Area
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, it is desirable and in the best interest of the citizens of the City of Aurora, DuPage, Kane, Kendall, and Will Counties, Illinois (the "City"), for the City to implement tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as ...
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