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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: September 17, 2020
SUBJECT:
An Ordinance Approving the City of Aurora's Lake Galena Tax Increment Financing District, Redevelopment Project Area, Redevelopment Plan and Project.
PURPOSE:
The final steps in approving the Lake Galena Tax Increment Financing District includes the approval of the Redevelopment Plan and Project Area. The attached ordinance and attachments thereto include this information
BACKGROUND:
The creation of a TIF District for the Lake Galena area is part of an existing RDA approved with resolution R2019-330 on September 24, 2019 between the City of Aurora and a private developer for the highly-visible redevelopment of the 2-4 North River Street, commonly known as the Hobbs Building, and 6-12 North River Street.
DISCUSSION:
The creation of this TIF District will continue the City's vision for redevelopment within key parcels within the Downtown as noted in the attached plan.
IMPACT STATEMENT :
Failure to pass this ordinance approving the City of Aurora's Lake Galena Tax Increment Financing District, Redevelopment Project Area, Redevelopment Plan and Project will result in the inability to create the referenced Tax Increment Financing District and in the rescinding of the redevelopment agreement for the highly-visible redevelopment of the 2-4 North River Street, commonly known as the Hobbs Building, and 6-12 North River Street.
RECOMMENDATIONS:
Staff recommends approval of the ordinance approving the City of Aurora's Lake Galena Tax Increment Financing (TIF) District, Redevelopment Project Area, Redevelopment Plan and Project.
ATTACHMENTS:
Exhibit 1 Redevelopment Project Area Description
Exhibit 2: Street Location Map
Lake Galena Tax Increment Financing District TIF Plan
Lake Galena Tax Increment Financing District TIF Eligibility Report
cc: Finance Committee
Chair/Alderman Robert J. O'Connor
Alderman/Vice Chair...
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