cover
TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director Mayor's Office of Economic
Development
DATE: July 28, 2023
SUBJECT:
An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora Tax Increment Financing District No.3 necessary for the creation of the Cross Street Tax Increment Financing District.
PURPOSE:
As a part of the creation of the Cross Street TIF district, the City must remove the properties designated in the new TIF from the current TIF #3.
BACKGROUND:
The creation of the Cross Street TIF District is part of an existing RDA, approved on March 4, 2023 (resolution R2023-076, Legistar #23-0190), between the City of Aurora and JH Real Estate for the property located at 110 Cross Street. The property is immediately adjacent to the City's Downtown Fringe, generally bordered on the south by a property fronting Gale Street, on the east by River Street, on the north by Cross Street, and on the west by Middle Avenue. Currently, the Cross Street TIF District is located within the City's existing TIF # 3.
The Joint Review Board, composed of all taxing bodies with taxing authority on the property, met on July 7, 2023, and unanimously recommended the creation of the new Cross Street TIF District.
DISCUSSION:
The creation of the Cross Street TIF District will be accomplished through a multi-step process involving the approval of the attached ordinance, the holding of a Public Hearing (to be held at the August 8, 2023, City Council Meeting), and the adoption of three separate ordinances at a future City council meeting to create the Cross Street TIF District.
IMPACT STATEMENT:
The adoption of this ordinance will allow for the next steps in the creation of the Cross Street TIF District to be completed.
RECOMMENDATIONS:
Staff recommends that the City Council adopt this ordinance.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSA...
Click here for full text