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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, FAICP, LEED AP, Assistant Director Mayor's Office of Economic Development
DATE: June 27, 2022
SUBJECT:
An Ordinance Deleting Certain Property from the Redevelopment Project Area for the City of Aurora Downtown Tax Increment Financing District No.6.
PURPOSE:
As a part of the creation of East River Bend TIF, the City must remove the properties designated in the new TIFs from the current TIF #6.
BACKGROUND:
The creation of East River Bend TIF is part of an existing RDA between the City of Aurora and a private developer for the highly-visible redevelopment of the east river bank, 100 N Broadway (DAC) project. The creation of this TIF District will continue this redevelopment within key parcels.
The Joint Review Board, composed of all taxing bodies with taxing authority on the property covered by TIF #6, East River Bend TIF met on May 20, 2022 and unanimously recommended the creation of East River Bend TIF.
DISCUSSION:
The creation of East River Bend TIF will be accomplished through a multi-step process involving the approval of the attached ordinance, the holding of a Public Hearing (at the 6/28/2022 City Council Meeting), and the adoption of three separate ordinances the City Council meeting on 7/26/2022 to create East River Bend TIF.
IMPACT STATEMENT :
The adoption of this ordinance will allow for the next steps in the creation of East River Bend TIF to be completed.
RECOMMENDATIONS:
Staff recommends that the City Council adopt this ordinance to continue the approval process for East River Bend TIF.
ATTACHMENTS:
- Exhibit A: Legal Description for the Redevelopment Area for the City of Aurora Downtown Tax Increment Financing District No. 6
- Exhibit B: Legal Description of Parcels Deleted from TIF # 6
- Exhibit C: Amended Legal Description TIF #6 After Deletion
- Exhibit D: TIF Carveout
cc: Finance Committee
Alderman Carl Franco, Chairperson
Alderman Sherman Jenkins, Vice Chairperson
A...
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