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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Assistant Director of Economic Development
Martin Lyons, Mayor's Office of Economic Development
DATE: September 23, 2021
SUBJECT:
An Ordinance Increasing the Business District Retailers' Occupation Tax Rate and the Business District Service Occupation Tax Rate Imposed in Ordinance 19-058, as Amended by Ordinance 19-063, Within the Boundaries of the Aurora Pacifica Square Business District No. 1.
PURPOSE:
In order to amend a business district tax rate, the City must complete three steps: 1). adopt an ordinance proposing the rate change (legistar item 21-0723); 2). provide notice by publication at least twice of the proposed change and schedule a public hearing (attached); and 3). adopt an ordinance authorizing the rate change (Item 21-0410).
BACKGROUND:
The Pacifica Square Business District was established in 2019 with a tax rate of 0.25%. The maximum rate allowable is 1.0%. The developer of the Pacifica Square Mall and all the improvements thereof has established many new businesses in the mall and has requested that the tax rate be increased from 0.25% to 0.50%. Revenues associated with this increase will be completely devoted to the payment of private debt for this improvement as well as future plans for the second phase of the development at Pacifica Square.
DISCUSSION:
On September 3, the Committee of the Whole authorized the placement of Item 21-0410, an ordinance authorizing the rate change from 0.25% to 0.50% on the City Council's consent agenda. On September 14, the City Council adopted the ordinance attached to item 21-723, setting a hearing date for a hearing on the rate increase on September 28. Because the implementation of this change first requires adoption of an ordinance proposing the change (legistar item 21-0723) and a public hearing on the proposed change, Item 21-0410 was put on the consent agenda of City Council meeting of September 28. The required public hearin...
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