The Aurora City Council will vote Tuesday evening on an agreement with the Batavia School District involving the proposed tax increment financing district at Farnsworth Avenue and Bilter Road.
The new TIF district would be to facilitate the Hollywood Casino Resort development planned along Farnsworth Avenue near Interstate 88. The council also will vote on terminating and closing out a TIF district downtown. Both votes will take place at the Tuesday regular City Council meeting. Terminating the TIF district downtown is on the consent agenda, so is likely to pass.
Going by those estimated numbers, it would mean the city would declare $525,000 each year as surplus to be distributed to the other taxing bodies. Since roughly two-thirds of the property tax bill goes to the school district, it could mean about $346,000 of that would go to the Batavia schools. The taxing bodies also would continue to get the taxes they are receiving from the property currently.
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