TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategies and Facilitation
DATE: July 5, 2019
SUBJECT:title
Introduce announcement of the availability of the Eligibility study and report, and the Redevelopment plan and project for the proposed TIF: Galena/Broadway TIF.
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PURPOSE:
In compliance with the TIF Act, this agenda item shall serve as the City's announcement of its intent to establish Tax Increment Finance (TIF) District Broadway/Galena.
As a part of continued Downtown Redevelopment, the City intends to establish TIF District Broadway/Galena. This announcement provides for a review period of the Redevelopment Project and Plan and Eligibility Report for the TIF District Broadway/Galena.
BACKGROUND:
The creation of TIF District Broadway/Galena is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the Terminal Building. The creation of this TIF District will continue redevelopment within key parcels of the Downtown as noted in the attached plan.
DISCUSSION:
The creation of a TIF requires several steps. The first public step is the announcement of the TIF by providing the Redevelopment Project and Plan. This document is attached. It is important to note that the actual announcement is done by the full City Council and that this is scheduled for July 23, 2019. Further steps associated with the creation of the TIF will include the provision of mailed notices, public notices, a Joint Review Board meeting and a public hearing. The Corporation Counsel has engaged Klein Thorpe and Jenkins to serve as the City's Special Counsel to support this TIF formation process. Attachment 1 is a copy of the announcement.
Attachment 2 is the Redevelopment Plan for the Broadway/Galena TIF District which provides a summary of the proposed TIF including the TIF border, budget, legal description and potential development plans.
IMPACT STATEMENT:
Making this announcement will beg...
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