City of Aurora issued the following announcement on Feb. 29.
The Aurora City Council unanimously approved tonight an intergovernmental agreement between the City and Indian Prairie School District 204 which sets procedures and guidelines for the use of development incentives in the Route 59 Corridor.
The District 204 School Board approved the agreement last week.
“District 204 is appreciative of its partnership with Aurora,” said Indian Prairie School District Superintendent Dr. Karen Sullivan. “We have a strong agreement that supports the economic development of the city while providing the necessary resources to educate our students.”
The mutually beneficial agreement is the culmination of months of planning and negotiations between the City and the District spurred by current redevelopment initiatives in the corridor and increasing interest for future redevelopment projects.
“Aurora is in the midst of a redevelopment renaissance and the Route 59 Corridor is a top priority for the City and a key focal point for developers,” said Mayor Irvin. “Education is also a top priority for my administration, and we want to do what is best for the City and schools in a collaborative way. This agreement with District 204 does just that and helps to strengthen our community.”
For the next decade, the IGA will govern the specific use of Tax Increment Financing (TIF) incentives and economic development communications between the City and District 204 for development activity in the Route 59 Corridor area with such stipulations as:
TIF incentives will not be utilized as the first and only source of development incentives.
TIF districts within the designated area will only last for 15 years, instead of the general 23 years.
Any taxes generated from development within a TIF district on property that generates students will be considered surplus.
“The agreement creates a positive and proactive atmosphere for economic development,” said Mayor Irvin. “It will impact and benefit our community well into the future.”
In early 2019, the City approved a redevelopment agreement for Cedarwood, a $29 million senior-oriented development, in the triangle-shaped area bordered by Route 34, 75th street, and a planned Commons drive extension. This agreement, which was a catalyst for the new intergovernmental agreement, included the creation of a TIF district for the funding of the Commons Drive extension and stormwater retention expenses to develop the property.
Future plans also include the Pacifica Square development, which will be the largest Asian-themed shopping center in America, at the intersection of Rt. 59 and New York Street and the Fox Valley Mall area.
Original source can be found here.
Source: City of Aurora
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