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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Assistant Director
DATE: February 17, 2022
SUBJECT:
An Ordinance making minor amendments to the Redevelopment Plan and Project for the City of Aurora 75th Street and Ogden Avenue Tax Increment Financing District. .
PURPOSE:
This Ordinance will amend the Redevelopment Plan and Project in the 75th Street and Ogden Avenue Tax Increment Finance (TIF) District by reducing the term of the District from 23 years to 15 years per the attached Intergovernmental Agreement with School District 204 (Attachment B).
BACKGROUND:
During the negotiations and creation of the Cedarwood development, the City and School District 204 had lengthy negotiations regarding the need for a TIF at this site. As a result of these negotiations the City agreed to limit the length of TIF Districts in the Route 59 Corridor to 15 years instead of 23 years in an Intergovernmental Agreement with School District 204, which is attached. Unfortunately, due to the timing and calendar for the approval of the 75th Street and Ogden Avenue TIF District, it was created with a 23 year duration, before the Intergovernmental Agreement was completed.
DISCUSSION:
In order to make an administrative amendment to a TIF District Redevelopment Plan and Project, such an amendment must be deemed to be minor in nature as defined in the TIF Act. Klein Thorpe and Jenkins (KTJ) and Kane McKenna & Associates (KMA) have provided counsel on the creation of all of the City Micro TIFs and has also provided counsel in this matter. KTJ and KMA have agreed that the changing of the TIF duration from 23 years to 15 years can be done administratively by the City Council through the minor amendment process.
Attachment A is the Ordinance that provides for the amendment of the initial ordinance adopting the 75th Street and Ogden Avenue TIF. The City will also take the following steps to complete this amendment process.
Within 10 days after approval of the ordinance, the Cit...
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