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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: September 18, 2023
SUBJECT:
An Ordinance Calling for a Public Hearing and a Joint Review Board Meeting Relative to the New City of Aurora Farnsworth Bilter Tax Increment Financing District Eligibility Study and Report, and the Redevelopment Plan and Project.
PURPOSE:
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.
BACKGROUND:
On October 25, 2022, with ordinance O2022-072, Council approved a redevelopment agreement between the City of Aurora and PENN Entertainment for the Hollywood Casino development in the City of Aurora.
As part of the approved RDA, the City committed to evaluating the creation of a new 23-year TIF District to facilitate the redevelopment plan.
The Ordinance would start the process of creating a TIF District for the proposed Farnsworth Bilter area that includes a future entertainment development, the Hollywood Casino
To establish a TIF district ("Redevelopment Project Area" or "RPA), Illinois municipalities must adopt several documents including a Redevelopment Plan and an Eligibility Report.
DISCUSSION:
The creation of a TIF district requires several steps. The City's Corporation Counsel has engaged Elrod Friedman to serve as the City's Special Counsel to support this TIF formation process. The Redevelopment Agreement calls for the City to provide financial incentives to the redevelopment project paid out of the creation of a new TIF District. It is anticipated that the TIF District will be created in January 2024.
IMPACT STATEMENT:
Approving this ordinance is required as part of the formal approval process of the proposed Farnsworth Bilter TIF.
RECOMMENDATIONS:
Staff recommends the Committee approve this item for its approval before City Council on October 10, 2023
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