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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: February 11, 2020
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 (Lincoln and Weston Tax Increment Financing District).
PURPOSE:
The Ordinance would start the process of creating a TIF District for the Old Copley Hospital site, to be known as the "Lincoln and Weston TIF District." 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 creation of this TIF District is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the Former Copley Hospital project.
DISCUSSION:
The City approved a Redevelopment Agreement with Fox Valley Developers calling for the redevelopment of the former Copley Hospital. 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.
In order to create the TIF District, the City Council must first approve the Ordinance, which begins the process. Steps in the process of creating the TIF District include:
1. Adopting the Ordinance
2. Send notices of the Joint Review Board meeting
3. Send notices of the availability of the Eligibility Study and Redevelopment Plan and Project for the TIF District
4. Hold the Joint Review Board meeting
5. Publish and mail notices of the public hearing
6. Hold the public hearing
7. Approve the ordinances creating the TIF District
It is anticipated that the TIF District will be created in the spring of 2020.
IMPACT STATEMENT :
The Designation of a Redevelopment Project Area and the Approval of a...
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