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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 Galena and Broadway Tax Increment Financing District, Redevelopment Project Area, Redevelopment Plan and Project.
PURPOSE:
The final steps in approving the Galena and Broadway 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 Galena and Broadway area is part of an existing RDA between the City of Aurora and a private developer for the redevelopment of the Terminal. The creation of this TIF District will continue the City's vision for redevelopment within key parcels within the Downtown as noted in the attached plan.
DISCUSSION:
The City Council has already approved a redevelopment agreement to assist with the Terminal project, a major redevelopment project within this area, and the agreement calls for the use of TIF funds to assist in the redevelopment. Like TIF District 9, this TIF District is proposed to be a "micro-TIF" that is focused on a small area, to reduce impacts on other affected taxing bodies, instead of being a larger footprint.
IMPACT STATEMENT :
Failure to pass this TIF Redevelopment Plan and Project Area will result in the rescinding of the Terminal 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:
Exhibit A-1: Redevelopment Project Area Description
Exhibit A-2: Street Location Map
Galena Broadway Tax Increment Financing District TIF Plan
Galena Broadway Tax Increment Financing District TIF Qualification Report
cc: Finance Committee
Chair/Alderman Robert J. O'Connor
Alderman/Vice Chair Edward Bugg
Alderwoman Scheketa Hart-Bu...
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