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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 Adopting the City of Aurora's 75th Street and Ogden Avenue Tax Increment Financing District.
PURPOSE:
The final steps in approving the 75th Street and Ogden Avenue Tax Increment Financing District includes the adoption of the TIF enabling ordinance. 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).
IMPACT STATEMENT :
Failure to pass this TIF District will result in the rescinding of the Cedarwood Development Agreement.
RECOMMENDATIONS:
Staff recommends the Finance Committee Approve this Ordinance to be forwarded on to the Committee of the Whole at the January 21, 2020 meeting.
ATTACHMENTS:
Property Research Sheet
Finding of Facts
Planning Council Report
Land Use Petition
Other file items
cc: Finance Committee
Chair/Alderman Robert J. O'Connor
Alderman/Vice Chair Edward Bugg
Alderwoman Scheketa Hart-Burns
Alderman Carl Franco
Alderman Emmanuel Llamas
CITY OF AURORA, ILLINOIS
ORDINANCE ...
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