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TO: Mayor Richard C. Irvin
FROM: Martin Lyons, Chief Financial Officer
DATE: August 12, 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 subject area known as the former Copley Hospital property (now known as Avalon Heights).
PURPOSE:
Adoption of a Reimbursement Resolution is the first step following the approval of the Redevelopment Agreement (RDA) with Fox Valley Developers for the redevelopment of the former Copley Hospital property. This resolution will allow initial expenses to be reimbursed by the TIF once formed later in 2019 or 2020.
BACKGROUND:
The former Copley Hospital has remained vacant for decades. The City Council recently approved a RDA with Fox Valley Developers to clean up and redevelopment the entire building. Fox Valley Developers plans to use a variety of sources to fund this redevelopment including grants, loans, tax credits and TIF revenues paid solely from the development.
DISCUSSION:
The creation of the new TIF is critical to the redevelopment of the Avalon Heights site. As such the City will be moving transparently, yet expeditiously to form the new TIF through the same process used in creating TIF #9
IMPACT STATEMENT:
Adopting this resolution will allow for initial costs incurred during the setup of the new TIF to be reimbursed by TIF revenues at a later date.
RECOMMENDATIONS:
Staff recommends the City adopt this resolution.
ATTACHMENTS:
TIF Location Map
cc: Alderman Robert O'Connor, Chairperson
Alderman Edward J. Bugg, Vice Chairperson
Alderman Carl Franco
Alderman Scheketa Hart-Burns
Alderman Emmanuel Llamas
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution With Respect to the Potential Reimbursement of Eligible Costs in a Possible Tax Increment Finance District and to Induce Development Interest wi...
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