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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 5, 2023
SUBJECT:
An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora West River Area Tax Increment Financing District No.5.
PURPOSE:
As a part of the creation of River Vine TIF, the City must remove the properties designated in the new TIF from the current TIF #5.
BACKGROUND:
The creation of River Vine TIF is part of an existing RDA between the City of Aurora and a private developer for the highly visible redevelopment of the west riverbank, 309 N River Street (Windfall) project. The creation of this TIF District will continue this redevelopment within key parcels.
The Joint Review Board, composed of all taxing bodies with taxing authority on the property covered by TIF #5, River Vine TIF met on April 6, 2023, and unanimously recommended the creation of River Vine TIF.
DISCUSSION:
The creation of River Vine TIF will be accomplished through a multi-step process involving the approval of the attached ordinance, the holding of a Public Hearing (held at the August 8, 2023, City Council Meeting), and the adoption of three separate ordinances at a future City council meeting to create River Vine TIF.
IMPACT STATEMENT:
The adoption of this ordinance will allow for the next steps in the creation of the River Vine TIF to be completed.
RECOMMENDATIONS:
Staff recommends that the City Council adopt this ordinance to continue the approval process for River Vine TIF.
cc: Finance Committee
Alderman Carl Franco, Chairperson
Alderman Edward Bugg
Alderwoman Shweta Baid
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora West River Area Tax Increment Financing District No.5.
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WHEREAS, the City of Aurora has a population of more than 25,000 pers...
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