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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: November 20, 2018
SUBJECT:
An Ordinance Calling for a Public Hearing and 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, (Downtown Tax Increment Financing District 9
(Stolp Avenue - Downtown Area).
PURPOSE:
This Ordinance sets the Public Hearing date and Joint Review Board meeting date for the establishment of TIF 9 in keeping with the Paramount/ACCA development agreement.
BACKGROUND:
As a part of the Paramount/ACCA development project the City approved the creation of Tax Increment Finance (TIF) District in the downtown covering the area bordered by Galena Blvd, Stolp Ave., Downer Place, and the Fox River. This TIF will move forward for adoption according to the attached schedule in 2019.
DISCUSSION:
The creation of TIF 9 was an integral part of the Paramount/ACCA development project and was detailed in the attached development agreement between the City and the Aurora Arts Center Developer LLC.
IMPACT STATEMENT:
N/A.
RECOMMENDATIONS:
That the City Council approve this ordinance.
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Calling for a Public Hearing and 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, (Downtown Tax Increment Financing District 9
(Stolp Avenue - Downtown Area).
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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
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public healt...
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