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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: January 7, 2016
SUBJECT:
To provide for Public Notice and a calling of a Joint Review Board (JRB) meeting in order to do add territory to the East Farnsworth Tax Increment Financing District No. 8.
PURPOSE:
To request that the city-owned property at 2065 Bilter Road be added to TIF District No. 8, making acquisition reimbursement and future development on the site TIF eligible expenses.
BACKGROUND:
The City recently acquired the five acre parcel north of the Chicago Premium Outlet Mall. Due to the malls recent expansion, future plans show another easterly access point from Bilter Road into the eastern parking lot of the mall. If this parcel is ultimately improved as an access drive, it would provide visitors other options in which to access the mall, especially from Eola Road.
DISCUSSION:
In order to add territory to an existing TIF District, an amendment to the existing TIF Plan must be approved, by way of a recommendation of the Joint Review Board, a committee made up of the taxing bodies involved in the geographical location of the parcel. These are the initial steps in the process, and that is what is up for discussion.
IMPACT STATEMENT:
The inclusion of this parcel into TIF 8 allows for any improvements, including acquisition reimbursement, to become a TIF eligible expense and come from increment generated from TIF 8 as a whole.
RECOMMENDATIONS:
It is recommended that the ordinance be approved.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Calling for a Public Hearing and a Joint Review Board Meeting to Consider the Expansion of the Redevelopment Project Area for the East Farnsworth Tax Increment Financing District (TIF District No. 8) and an Amended Redevelopme...
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