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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: February 6, 2019
SUBJECT:
An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora Downtown Tax Increment Financing District (TIF)No. 1
PURPOSE:
As a part of the creation of TIF #9, the City must remove the property designated in the new TIF from the current TIF #1.
BACKGROUND:
The creation of TIF #9 was supported as a part of the ACCA/Paramount development agreement in the Downtown. This TIF is a one block area bordered by the Fox River, Stolp Ave., Downer Pl. and Galena Blvd.
The Joint Review Board composed of all taxing bodies with taxing authority on the property covered by both TIF #1 and TIF #9 met in December 2018 and unanimously recommended the creation of TIF #9 .
DISCUSSION:
The creation of TIF #9 will be accomplished through a multi-step process involving the approval of the attached ordinance, the holding of a Public Hearing (done at the 2/12/19 City Council Meeting), and the adoption of three separate ordinances at future a council meeting to create TIF#9
IMPACT STATEMENT:
The adoption of this ordinance will allow for the next steps in the creation of TIF #9 to be completed
RECOMMENDATIONS:
Staff recommends that the City Council adopt this ordinance to continue the approval process for TIF #9.
cc: Finance Committee
Alderman Robert J. O'Connor
Alderman Edward J. Bugg
Alderman Theodoros C. Mesiacos
Alderman Richard B. Mervine
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora Downtown Tax Increment Financing District No. 1.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
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