TO: Mayor Richard C. Irvin
FROM: Trevor Dick, AICP, LEED AP, Director of Development Strategy and
Development
DATE: November 7, 2019
SUBJECT:title
Introduce an Ordinance Approving the City of Aurora River Benton Tax Increment Financing District Redevelopment Project Area Redevelopment Plan and Project.
body
PURPOSE:
The River Benton Tax Increment Financing District ("TIF District") is being created to support the 80 S. River development at 80 S. River Street. Staff has been working with our consultants, Kane, McKenna and Associates, and Klein, Thorpe and Jenkins, Ltd to assist with the creation of the TIF District. The Ordinances create TIF District, some of the revenues of which will support the 80 S. River development, as approved by the City Council in a Redevelopment Agreement on March 12, 2019.
BACKGROUND:
The TIF District is generally located east of North River Street, west of the Fox River, north of West Benton Street and south of West Downer Place. The TIF District includes the 80 S. River development, which will be rehabilitated into twenty-one (21) market rate residential units and approximately 20,000 square feet of office/retail space, 8,000 of which will be sold to Kluber, Inc. an Illinois corporation.
DISCUSSION:
Attached to the Ordinance is the TIF District Redevelopment Plan prepared by Kane, McKenna and Associates that guides improvements, activities and projects within the TIF District in order to stimulate private investment, along with a map and legal description of the TIF District.
Approving the City of Aurora River Benton Tax Increment Financing District Redevelopment Project Area Redevelopment Plan and Project will allow the City to collect and use incremental property taxes in support of redevelopment efforts over a period of up to 23 years.
Key steps in the process of approving this TIF District include:
- Approval of a contract with Kane McKenna and Associates to prepare the TIF District Eligibility Stud...
Click here for full text