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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director of the Mayor's Office of
Economic Development
DATE: May 4, 2023
SUBJECT:
An Ordinance Calling for a Public Hearing and a Joint Review Board Meeting to Consider the Designation of a Redevelopment Project Area and the Approval of a Redevelopment Plan and Project for the City of Aurora (Cross Street Tax Increment Financing District).
PURPOSE:
The Ordinance would start the process of creating a TIF District for the Cross Street area that includes a future rehabilitation of the building at 110 Cross Street. The Ordinance sets dates for a Joint Review Board meeting and a public hearing and calls for the notices to be given in connection with the meeting and public hearing.
BACKGROUND:
The subject parcels are located immediately adjacent to the City's Downtown Fringe, generally bordered on the south by a property fronting, on the east by River Street, on the north by a certain vacant land owned immediately north of Cross Street, and on the west by Middle Avenue.
Currently, the proposed TIF District is located within the City's existing TIF # 3. The area location described above has been underutilized and blighted for decades. Within the boundary of the proposed Cross Street TIF is 110 Cross; a historic building purchased about four years ago by JH Real Estate.
Constructing a new multi-family residential development is important for the success of our Downtown. Combined with the recommendations of the Downtown Housing Study (2019), the growing demand for rental housing, the redevelopment of long vacant buildings, the time for implementing the City's vision is here.
On March 4, 2023, a redevelopment agreement was approved between the developer, JH Real Estate Partners LLC, and the City of Aurora (resolution R2023-076, legistar #23-0190). Per the RDA the city would establish a 23-year TIF with 70% of the benefit going to the developer.
To establish a ...
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