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Route 31 TIF Amendment

Route 31 TIF Amendment. Village of North Aurora, Illinois. PUBLIC HEARING June 30, 2009. 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.

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Route 31 TIF Amendment

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  1. Route 31 TIFAmendment Village of North Aurora, Illinois PUBLIC HEARING June 30, 2009

  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

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

  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

  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

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

  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

  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

  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

  10. Property Value Impact

  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

  12. RedevelopmentSites Sites within the TIF District that are targeted for possible redevelopment as outlined in the plan.

  13. Proposed TIF Budget 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

  15. Tentative Timeline * Official Action is NOT taken at the Public Hearing. Adoption by the Village Board can occur only during the timeframe shown.

  16. Route 31 TIFAmendment Questions and Public Input

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