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 Designating the City of Aurora Galena Broadway Tax Increment Financing District Redevelopment Project Area.
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PURPOSE:
The Galena Broadway Tax Increment Financing District ("TIF District") is being created to support the Terminal Building development at 2 N Broadway. 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 Terminal Building development, as approved by the City Council in a Redevelopment Agreement on February 26, 2019.
BACKGROUND:
The TIF District is generally located east of River Street, south of Flagg Street, west of Root Street, and north of Clark Street. The TIF District includes the Terminal Building development, which will be rehabilitated into restaurant and retail commercial space on the ground floor and twenty (20) multi-family residential units on floors 2-6.
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.
Designating a TIF District 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 Study and Redevelopment Plan and Project
- Publication of the TIF Interested Parties Registry Notice on July 22, 2019
- Introduction of the announcement of the availability of the Kane McKenn...
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