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

2. 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

3. 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

4. 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

5. 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

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

7. 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

8. 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

9. 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

10. 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

11. 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

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

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

14. 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

15. 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

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