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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: August 14, 2015
SUBJECT:
To request approval of a second amendment to the Seize the Future Development Foundation (STFDF) Finish Line Downtown Grant Program to provide for the Downtown Restaurant Forgivable Loan Program
PURPOSE:
The Finish Line Grant Program was established in 2014 to provide financial assistance for the rehabilitation of downtown buildings. The STFDF is tasked with administering the Finish Line Grant Program. The first amendment to the program was for the modification of the grant amounts. The proposed Downtown Restaurant Forgivable Loan Program is intended to complement and support the City's plans to maintain a quality downtown with diverse uses. The intention of the program is to add additional restaurants in the Downtown.
BACKGROUND:
The attached Exhibit A provides the program eligibility. The total cost of each individual project shall be no less than $66,000 and approved applicants shall be eligible for up to one-third of the project costs as a forgivable loan. The maximum forgivable loan amount is $100,000 and the project must be in the Finish Line Grant Program boundary (map attached). One-tenth of the loan will be forgiven annually, and should a restaurant cease to operate within the ten year period, the remaining balance will be recorded against the property by way of a lien.
DISCUSSION:
This program will increase pedestrian traffic downtown and provide additional amenities to compliment other commercial businesses in the downtown. It will also bring more buildings up to code while providing necessary restaurant infrastructure. Funding for the program will be from the existing Finish Line Grant Funds.
IMPACT STATEMENT:
The Downtown Restaurant Forgivable Loan Program will have a positive impact on the downtown and the existing buildings within the downtown.
RECOMMENDATIONS:
It is recommended that the second amendment to the Finish Line Grant Program be approved for the Downtown Restaurant Forgivable Loan Program as attached as Exhibit A.
cc: Alderman O’Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Approving the Second Amendment to the Seize the Future Development Foundation Finish Line Grant Program to Provide for the Downtown Restaurant Forgivable loan Program.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, R14-152, approved by the City Council of the City of Aurora, initiated the Finish Line Grant Program, and R15-133 provided for modifications to the funding ratios of the program, which is administered by the Seize the Future Development Foundation (STFDF); and
WHEREAS, the STFDF is submitting for consideration a second amendment to the Finish Line Grant Program to be known as the Downtown Restaurant Forgivable Loan Program; and
WHEREAS, The City Council of the City of Aurora find that it is in the best interest of the City and its residents to approve said Second Amendment to the Finish Line Grant Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
Section1. That the Second Amendment to the Finish Line Grant Program for the Downtown Restaurant Forgivable Loan Program be approved as indicated on Exhibit A attached hereto and made a part thereof.
Section 2. That all other provisions, terms and conditions of the Finish Line Grant Program contained in Resolution R14-152 and subsequent amendments remain in effect.