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Council approves redevelopment of Franz Building and adjacent lot after debate on school tax impacts
Summary
The Aurora City Council approved a redevelopment agreement for 62 South Bridal (the Franz Building) and a vacant lot at 66 South Broadway; discussion focused on assessed value, potential school‑age tenants and how tax increment would be redistributed.
The Aurora City Council on Feb. 11 voted to approve a redevelopment agreement with JH Real Estate Partners for the Franz Building at 62 South Bridal and the adjacent vacant lot. The motion passed by roll call; the final tally was recorded as 9 yes, 2 no.
Council discussion centered on how the city’s ownership of the property affects the existing assessed value and how any resulting tax increment would be shared with taxing bodies if the redevelopment generates school‑age children. Alderman…
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