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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Facilitation
DATE: July 18, 2019
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 (River Benton Tax Increment Financing District).
PURPOSE:
The City is proceeding with the creation of additional "micro" TIF Districts in the downtown area. The Ordinance would start the process of creating another TIF District in the downtown area, to be known as the "River Benton TIF District." 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:
Redevelopment of the City's downtown is a high priority. The City has aggressively pursued redevelopment in the downtown area, and an existing Downtown TIF District has been used to incentive redevelopment. The Downtown TIF District is nearing the end of its twenty-three (23) year term. Additional redevelopment opportunities have been secured for the downtown area that require assistance beyond the term of the Downtown TIF District. As such, the City has pursued the strategy of creating micro TIF Districts from properties within the existing Downtown TIF District, to support certain redevelopment opportunities that would otherwise not occur, but for the City's assistance with a new TIF District.
DISCUSSION:
The City approved a Redevelopment Agreement with 80 S. River LLC, calling for the redevelopment of property in the area of River Street and Benton Street, with market rate apartments and with offices and some auxiliary retail on the ground floor. The Redevelopment Agreement calls for the City to provide financial incentives to the redevelopment project, including:
- The sale of the building to 80 S. Rive...
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