Village of North Aurora, Illinois Route 31 TIF Amendment Village of North Aurora, Illinois PUBLIC HEARING June 30, 2009 2/17/2019

Agenda Introduction What is TIF? Route 31 TIF Amendment Existing District and Proposed Amendment Eligibility Criteria Future Land Use EAV and Proposed Budget Questions and Comments 2/17/2019

What is Tax Increment Financing? Tax Increment Financing (TIF) is a technique which utilizes future tax revenues to stimulate new private investment in redevelopment areas. Not a tax! Redistribution of tax revenues to be used in the community Tool to leverage public investment 2/17/2019

Things to Remember… TIF does not create any additional tax to any property owner TIF does not freeze any property owner’s taxes Any jurisdiction can modify its levy each year within the bounds of tax caps All taxing jurisdictions ultimately benefit by an increased tax base 2/17/2019

TIF Funding TIF funds can be used for project costs that benefit the district, including: Utilities & Road Improvements Environmental Clean-Up Façade Improvements / Rehabilitation Assistance Property Assembly Not Direct Funding of Private Construction Costs 2/17/2019

Proposed TIF Area Grey – Original TIF District Boundary (existing) Purple – 1st Amendment Area Boundary (existing) Red – 2nd Amendment Area boundary (proposed) 2/17/2019

Eligibility Requirements Conservation Area TIF: At least 50% of existing structures must be greater than 35 years old Project Area must exhibit a minimum of 3 out of 13 eligibility criteria Amendment Area must met the criteria independent of existing project area 2/17/2019

Conclusions of Eligibility Study Conservation Area Qualifications 50% of structures over 35 years of age and evidence and distribution of the following factors: Deterioration of buildings and surface improvements Inadequate utilities Lack of Community Planning Relative Decline in EAV 2/17/2019

TIF Goal Promote development and revitalization along Route 31 corridor through public-private partnership Improve communities tax base Enhance appearance of area Fund needed capital improvements 2/17/2019

Property Value Impact Orig. TIF EAV $12,171,621 1st Amendment EAV $1,956,703 Proposed 2nd Amendment $6,983,448 Total $21,111,772 Estimated EAV after Redevelopment $71,796,522 2/17/2019

Future Land Use Red - Commercial Light Blue – Office Blue – Institutional Brown – Medium Density Residential Yellow – Low Density Residential Purple – Mixed Use Green – Open Space Grey – Highway Property 2/17/2019

Redevelopment Sites Sites within the TIF District that are targeted for possible redevelopment as outlined in the plan. 2/17/2019

Proposed TIF Budget 2/17/2019 Existing $12,800,000

Route 31 TIF Facts Original Route 31 TIF created in 2002, and expanded in 2005 Amendment does not extend the life of the TIF – which is set to expire in 2025 (23 years from inception) Intent remains to operate as a pay-as-you-go TIF – but bonds still permitted 2/17/2019

Tentative Timeline Establish Public Hearing Date Ap. 13th, 2009 Conduct Joint Review Board May 13th, 2009 Provide Notice (newspaper, direct mailing) 5/25 – 6/12, 2009 Public Hearing June 30th, 2009 Adoption * 7/20/09 – 9/28/09 * Official Action is NOT taken at the Public Hearing. Adoption by the Village Board can occur only during the timeframe shown. 2/17/2019

Questions and Public Input Route 31 TIF Amendment Questions and Public Input 2/17/2019