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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: January 10, 2020
SUBJECT:
An Ordinance Approving the City of Aurora's 75th Street and Ogden Avenue Tax Increment Financing District, Redevelopment Project Area, Redevelopment Plan and Project.
PURPOSE:
The final steps in approving the 75th Street and Ogden Avenue Tax Increment Financing District includes the approval of the Redevelopment Plan and Project Area. The attached ordinance and attachments thereto include this information.
BACKGROUND:
The creation of a TIF District for the 75th Street and Ogden Avenue area is part of an existing RDA between the City of Aurora and a private developer for a highly-visible redevelopment on a long vacant property currently called Cedarwood which will be a senior housing development. The creation of the TIF District will support development of the property and the construction of an extension of Commons Road and its associated infrastructure.
DISCUSSION:
The project will provide much needed senior housing to the area, significantly increase the value of the vacant land at 75th Street and Ogden Avenue, improve the flow of traffic in that area through the extension of Commons Drive, and ultimately provide additional revenue for all of the affected taxing districts without any added service demands (e.g. no new students, minimal park district recreational needs).
The City is still in discussions with School District 204 regarding amendments to this TIF to either shorten the total duration below the statutory limit of 23 years or to provide for revenue sharing agreements regarding the tax increment that is anticipated to be produced above what is required to fund the completion of Commons Drive and stormwater improvements.
IMPACT STATEMENT :
Failure to pass this TIF Redevelopment Plan and Project Area will result in the rescinding of the Cedarwood Development Agreement.
RECOMMENDATIONS:
Staff recomm...
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