AURORA — Horizon Uptown, a proposed development in northeast Aurora, cleared another hurdle Monday night when the City Council approved it for formal consideration.
The council, which also acts as the Aurora Urban Renewal Authority, agreed to forward the proposal to a public hearing and final vote in March.
Developer Lend-Lease wants to build a 500-acre mixed-use development on the southwest corner of Interstate 70 and E-470. After it is completed in 25 years, the project would include 3,800 residential units and 1.3 million square feet of retail space.
Lend-Lease wants the city to create a $90 million tax-increment financing district to cover the costs of building a library, recreation center, parking garage and other amenities. It would cost the city $21 million in property and use-tax revenue, and Aurora Public Schools $37 million in taxes, although the state would reimburse the district the money. That “backfill” to the schools has generated controversy.
But Krista Sprenger, Horizon Uptown project director, said the benefits outweigh the costs for the project.
“The Horizon Uptown project needs this kind of investment,” Sprenger said. “No project equals no revenues.”
Some city officials, however, have urged the developer to seek another financing vehicle. Councilman Ryan Frazier, one of four council members who on Monday voted against the project moving forward, said the land, which needs to be deemed blighted for the taxing district to kick in, is largely flat and has no major issues, such as drainage.
“People feel it’s a stretch of urban renewal powers,” Frazier said. “I can see it happening, but they need to find a different approach.”
Councilwoman Barbara Cleland, who voted to move the project to the next step, said Horizon Uptown is an intriguing development that the council needs to consider.
“This is just the starting of the process,” she said. “It still has a long way to go. But I think it is an amazing project.”
Horizon Uptown officials said the city would see up to $72 million in tax revenue over the life of the project, far outweighing the $21 million it would cost the city in taxes.
“This is something the city should not miss out on,” said Bryan Blakely of the Aurora Economic Development Council.
