The Aurora City Council Tuesday night approved two new tax increment financing districts tied to two development plans downtown.
Aldermen voted 11-1 to create both TIF districts, and to approve the redevelopment plan and project for both, and the redevelopment project areas for both.The Cross Street TIF District and River Vine TIF District are both tied to redevelopment agreements the city made with developers, and creating the TIF district is part of both agreements.
The council was expected to approve the TIF districts. Also expected was opposition and a vote against by Ald. John Laesch, at large, who has put himself in the forefront of opposing TIF districts in the city. One of the main reasons he cited for opposing TIF districts is he said they bring in development that adds more demand for city services - such as police services, traffic and road work - but does not provide the money to pay for it.In a TIF district, as the development is built and the land grows in value, the property owner pays more taxes. The increase in taxes - not the taxes on the original value, but the increase - goes into a special fund called the increment.
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