cover
TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: October 4, 2019
SUBJECT:
A Resolution with Respect to the Potential Reimbursement of Eligible Costs in a Possible Tax Increment Finance District (TIF) and to Induce Development Interest within the Fox Valley Mall area.
PURPOSE:
Adoption of a Reimbursement Resolution will allow initial expenses to be reimbursed by a TIF if formed.
BACKGROUND:
The Fox Valley Mall opened in 1975. With changes in shopping patterns and more shoppers making online purchases, traditional malls need to evolve. Fox Valley Mall has a number of large vacancies especially for two of its anchor stores (Sears and Carson's). In an effort to support and strengthen the mall, Centennial Group, the majority owners of the mall have approached the City with preliminary redevelopment plans. Centennial Group is interested in redeveloping portions of their property in phases - introducing a mix of uses including open space, restaurants, entertainment, retail, and housing. This proposed mix of land uses is in keeping with the recommendations of the City's recently adopted Route 59 Corridor Plan. That plan stresses the importance of investing in the Mall to support the Route 59 Corridor, the City of Aurora, employment, and a strong tax base for all taxing districts.
This resolution does not commit the City to adopting a TIF.
DISCUSSION:
The redevelopment of the Fox Valley Mall is a key recommendation of the City's Route 59 Corridor Plan.
Staff is very encouraged by Centennial Group's willingness to invest in the property. The owners are in the midst of redoing the center court area. The planned next step of the owners is to undertake a major redevelopment in the eastern portion that will likely involve demolition, new infrastructure, construction, and the introduction of residential into what is currently surface parking. Numerous malls throughout the country are currently u...
Click here for full text