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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP LEED AP, Assistant Director Mayor's Office of Economic Development
DATE: May 22, 2023
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 Cross Street Tax Increment Financing District.
PURPOSE:
The Ordinance would start the process of creating a TIF District for the Cross Street area that includes a future rehabilitation of the building at 110 Cross Street. 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.
BACKGROUND:
The subject parcels are located immediately adjacent to the City's Downtown Fringe, generally bordered on the south by a property fronting Gale Street, on the east by River Street, on the north by a Cross Street, and on the west by Middle Avenue. Currently, the proposed TIF District is located within the City's existing TIF # 3. The area location described above has been underutilized and blighted for decades.
On March 4, 2023, a redevelopment agreement was approved between the developer, JH Real Estate Partners LLC, and the City of Aurora (resolution R2023-076, Legistar #23-0190). Per the RDA the city would establish a 23-year TIF with 70% of the benefit going to the developer.
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 Klein Thorpe and Jenkins 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 T...
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