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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: July 13, 2021
SUBJECT:
A Resolution with respect to the Potential Reimbursement of Eligible Costs in a Possible Tax Increment Finance District (TIF) and to Induce Development Interest at 110 Cross Street and adjacent parcels.
PURPOSE:
Adoption of a Reimbursement Resolution is the first step following the approval of the Redevelopment Agreement (RDA) with J&H Real Estate Partners, LLC for a renovation of a long vacant building into a mixed-use project at 110 Cross Street. This resolution will allow initial expenses to be reimbursed by the TIF once formed later in 2021 or 2022.
BACKGROUND:
Improving the building and parking lot at the long vacant 110 Cross Street parking will be an exciting project that will continue to expand and improve our Downtown. The developer plans to create fifteen new apartments above a new brewery/restaurant. The vision to add more residential units in our Downtown is supported by the recommendations of the Downtown Housing Study (2019), and the growing demand for rental housing that Aurora is experiencing.
An RDA with J&H Real Estate Partners, LLC to redevelop the long vacant building at 110 Cross Street into a mixed use development including 15 apartments on the upper floors with a new brewery/restaurant on the ground floor will be brought to Council at a future meeting for review and approval. J&H Developers plans to use a variety of sources to fund this redevelopment including TIF revenues.
DISCUSSION:
The creation of the new TIF is critical to the potential future redevelopment agreement and without it, the RDA is void. As such the City will be moving transparently, yet expeditiously to form the new TIF through the same process used in creating previous TIFs over the last number of years.
IMPACT STATEMENT:
Adopting this resolution will allow for initial costs incurred during the setup of the new TIF to be reimburse...
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