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TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: April 12, 2022
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 (East River Bend Tax Increment Financing District).
PURPOSE:
The Ordinance would start the process of creating a TIF District for the East River site addressed 100 N Broadway, to be known as the "East River Bend." 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 within the City's Downtown area, generally bordered on the south by Spring Street (as extended west to the Fox River), on the east by Broadway Avenue, on the north by a certain parcel occupied by Jakes Bagel and Deli, and on the west by the Fox River. Currently, parts of the proposed TIF District is located within the City's existing TIF # 1 and other parts are located within the City's TIF # 6. The area location along the Fox River has been identified by the Downtown Master Plan as a focal point part of the "heart of Downtown" and is part of an area desired as a "vibrant designation with mixed use development, family friendly activities and nightlife entertainment".
Constructing a new multi-family residential development on the banks of the Fox River in Downtown Aurora, particularly near the Aurora Transportation Center, has been a consistent recommendation of numerous City long-range planning documents for decades. Combined with the recommendations of the Downtown Housing Study (2019), the growing demand for rental housing, the redevelopment of long vacant historic buildings in the Downtown, and the recent completion of the new Pedestrian and Bicycle Bridge, the time for implementing the City's vision is here.
An RDA with...
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