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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: February 7, 2020
SUBJECT:
An Intergovernmental Agreement between the City of Aurora and The Indian Prairie School District 204 governing the use of Tax Increment Financing incentives and economic development communications between the City and District 204 for development activity in the Route 59 Corridor area.
PURPOSE:
Economic Development in the Route 59 Corridor including the Fox Valley Mall area is a top priority for the City of Aurora. This development can often involve the utilization of various development incentives with developers, and some of these incentives such as Tax Increment Financing (TIF) can involve other taxing bodies such as School District 204 (District 204), College of DuPage, etc. The creation of an intergovernmental agreement will help define some of the eligible incentives to be used by the City and avoid any conflict/litigation with overlapping taxing districts.
BACKGROUND:
In early 2019, the City approved a redevelopment agreement (RDA) for the development of the triangle bordered by Route 34, 75th street, and the planned Commons drive extension. This RDA included the creation of a TIF district for the funding of the Commons Drive extension and stormwater retention expenses to develop the property. District 204 had previously noted their objections to the use of TIF districts when the City explored this option for the Pacific Square development at New York and Route 59. As a result of general concerns over economic development activities, the City invited all school districts to meet on a quarterly basis to discuss overall city economic development and specific developments in their respective districts. These meetings are ongoing.
At the Joint Review Board (JRB) meeting mandated for the adoption of the Ogden Ave and 75th Street TIF, the board had a long discussion regarding TIFs and development in the Route 59 co...
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