cover
TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP LEED AP, Assistant Director Mayor's Office of Economic Development
DATE: May 23, 2023
SUBJECT:
An ordinance amending ordinance No. 023-017 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 River Vine Tax Increment Financing District to reschedule the public hearing date.
PURPOSE:
The Ordinance is needed to reschedule the Public Hearing for the creation of the proposed River Vine TIF District. The City Council designates the date of Tuesday, August 8, 2023, at 6:00 p.m. at the Aurora City Hall, 5th Floor Conference Room, 44 East Downer Place, Aurora, Illinois 60507, for the purpose of conducting a public hearing to hear from any interested persons, taxpayers, or affected taxing districts regarding the Redevelopment Project Area and the TIF Plan for the proposed River Vine TIF District.
BACKGROUND:
On March 14, 2023, the City Council of the City of Aurora adopted Ordnance No. 023-017, titled "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 River Vine Tax Increment Financing District" ("Procedures Ordinance"). However, because of scheduling issues this ordinance is to reschedule the date of the public hearing in the Procedures Ordinance for the River Vine Tax Increment Financing District, and to have notices of the new public hearing date given in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. ("TIF Act").
DISCUSSION:
The creation of the proposed River Vine TIF district requires several steps. The City's Corporation Counsel has engaged Elrod Friedman to serve as the City's Special Counsel to support this TIF formation process. The Redevelopment Agreement...
Click here for full text