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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 10, 2021
SUBJECT:
An Ordinance Proposing an increase to the Business District Retailer's Occupation tax 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 (this item); 2). provide notice by publication at least twice of the proposed change and schedule a public hearing; 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 of 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 improvements 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. Because the implementation of this change first requires adoption of an ordinance proposing the change (this item) and a public hearing on the proposed change, Item 21-0410 will not appear on the consent agenda until the Council meeting of September 28. The required public hearing will also occur on September 28, prior to the Council's consideration of its consent agenda. In between meetings, staff will cause notice of the passage of this ordinance and the public hearing on September 28 to be published twice, as required by law.
After each of these step...
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