cover
TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: January 13, 2020
SUBJECT:
An Ordinance Adopting the City of Aurora's River and Benton Tax Increment Financing District.
PURPOSE:
The final steps in approving the River and Benton 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 River Benton area is part of an existing RDA between the City of Aurora and a private developer for the redevelopment of 80 South River. 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 80 South River 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 District will result in the rescinding of the 80 South River 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
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 NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Adopting the City of Aurora's River and Benton Tax Increment Financing Di...
Click here for full text