The Aurora City Council is set to vote in September on two tax increment financing districts the city has been in the process of creating for six months to a year.
The council’s Finance Committee Thursday unanimously endorsed ordinances establishing the Cross Street and River Vine tax increment financing districts, both tied to redevelopment agreements the city made with developers.“This comes down to the final steps” toward establishing the TIF districts, said Trevor Dick, the city’s deputy economic development director.
Two of the changes involved the River Vine TIF District. One would change the length of the district from 23 years - which is the statutory maximum of years a TIF district can run - to 20 years.The other takes the property in the River Vine district, which is called a micro-TIF because it takes in only the property of the proposed project, out of the current TIF District 5 in preparation for passing the new micro-TIF.
The subtraction from TIF District 5 passed the council 10-1, with Ald. John Laesch, at large, voting against it. The City Council Building, Zoning and Economic Development Committee recommended rezoning for the property on Cross Street that would be in the new TIF district. It also approved final plans for the apartment redevelopment at 110 Cross St., which can be appealed to the full City Council.
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