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SIRIA service-plan amendments and impact-fee IGA aim to smooth bond financing for regional projects
Summary
Thirteen SIRIA member districts sought service-plan amendments to fix future ARI mill levies, and staff proposed an IGA pledging about $3.26 million in impact-fee revenue over seven years to support SIRIA bond financing for Gartrell Road, Aurora Parkway bridge work and Gun Club Road.
Michael Kerrigan and SIRIA representatives presented coordinated requests to amend 13 member-district service plans to clarify and fix ARI (Aurora Regional Improvement) mill-levy amounts that previously varied by long-term tiering and created uncertainty for bond financing.
Kerrigan said the SIRIA (South Aurora Regional Improvement Authority) establishment agreement originally identified 10 regional improvement projects; five are complete and five remain. He said the current tiered ARI mill-levy structure (1 mill for first 20 years, 5 mills for the next 20 years, then a tier-three mill based on the prior 10-year average) creates uncertainty and complicates revenue projections for bond markets. The proposed amendments fix the tier-three mill for affected districts to a known amount today, with differing fixed amounts by grouping:
- Affected residential districts with existing high…
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