Aurora has a new tax increment financing district.
The City Council approved an ordinance creating the district to help finance a 246-unit apartment complex on North Broadway, the Aurora Beacon-News reported. It will include the area south of Jake’s Bagels, east of Fox River, north of the Aurora Township building and west of North Broadway.
Property taxes collected within the TIF will essentially be frozen at the time the district is created and any additional tax dollars generated from property value increases will be put into a city fund to help finance public improvements within the district.
The district will be part of about $6.7 million of incentives for DAC Developments’ $70 million, 246-unit apartment building at 100 North Broadway. DAC has committed about $11 million of its own equity into the project and plans to get a loan of $50 million to cover the rest.
The development agreement between the city and DAC says the city will give the developers a $963,000 forgivable loan up front and another $2 million this year. The TIF district is estimated to increase in value from to about $35 million from $84,735.
The City Council also approved a new timeline for the project, since it had initially planned to establish the district earlier. Due to the delay, DAC requested other deadlines be pushed back as well. The city agreed to move the deadline to begin construction to Oct. 31 from Sept. 15. The completion date was also moved to the end of October 2024.
The five-story development will consist mostly of studio and one-bedroom apartments, with about 40 two- and three-bedroom units. Developers also plan to create more open space, including a park, and to bring the Fox Valley Park District bike path through as well.
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