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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: October 15, 2020
SUBJECT:
An Ordinance Approving the City of Aurora Fox Valley Mall Area Tax Increment Financing District Redevelopment Project Area Redevelopment Plan and Project.
PURPOSE:
The final steps in approving the Fox Valley Mall Area Tax Increment Financing District include the designation of the Redevelopment Plan and Project Area. The attached ordinance and the exhibits thereto include this information.
BACKGROUND:
The Fox Valley Mall was originally constructed in the 1970s and reflects many of the design elements that defined the early era of mall construction in the United States including a ring road encircling the mall to support "outlot" retail sites. Like many similar sites of this era, Fox Valley Mall has been challenged by changes in consumer behavior in recent decades. These challenges have created conditions which have inhibited private investment and have led to a general decline and economic underutilization of the area. Recognizing the need to take action, the City has focused recent planning efforts on the Route 59 Corridor in general, and the Fox Valley Mall area in particular, resulting in a call to reuse and revitalize the area.
Given economic factors that have impacted malls nationwide and in conformance with its recent Route 59 Corridor Study Comprehensive Plan (2019), the City has determined that the Fox Valley Mall area as a whole would not be redeveloped in a coordinated manner without the adoption of a Tax Increment Financing Redevelopment Plan. The City, with the assistance of Kane, McKenna and Associates, Inc. (KMA), has commissioned an Eligibility Report and Redevelopment Plan to use tax increment financing in order to alleviate those conditions which deter private investment in the area and meet redevelopment goals and objectives.
The City has pursued the strategy of creating micro TIF Districts from...
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