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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: October 6, 2016
SUBJECT:
To approve a Property Tax Abatement with Duke Realty for the installation of a traffic signal and related road improvements at State Route 59 and Duke Parkway in the Butterfield Corporate Park. The amount of the rebate is $400,000.
PURPOSE:
According to the memo from Invest Aurora (attached), Duke Realty has approached Invest Aurora with two separate but related projects involving over 1.3 million square feet of proposed tenant space, for a prospective tenant that will provide over 1,300 full time jobs. Due to a non-disclosure agreement Duke is unable to share the identity of the prospective tenant at this time. However, it would be necessary to install the improvements for the tenant.
BACKGROUND:
The signalized intersection is estimated to cost $3.6 Million. The attached memo also points out that the Illinois Department of Transportation (IDOT), School District 200 and the City of Warrenville, through their respective staff, have expressed interest in this project. Warrenville Corporate Boundaries are immediately east along Rt. 59 and could in the future share access at this intersection. An IDOT grant application has been submitted for $2 Million of the costs. The Invest Aurora Board has recommended the City of Aurora consider a $400,000 property tax rebate on the City-only portion of the taxes produced once this project is completed.
DISCUSSION:
The rebate would be structured over a three year period with 90% of the City's portion be abated in year one, 80% in year two and the remaining portion in year three, all equaling the full rebate amount. The City Attorney shall prepare the necessary and relevant tax abatement documents. Other permits and agreements in connection with the improvements will also be necessary prior to construction.
IMPACT STATEMENT:
Given this is action based upon future taxes generated from a proposed project, fun...
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