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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
DATE: February 6, 2014
SUBJECT:
A Resolution Authorizing the Execution of a Development Agreement for the Façade Repair and Restoration of 56-60 S LaSalle St (Gravity Building, L3C - AU22/3-11.285-AG - SP Ward 1)
PURPOSE:
Attached is a resolution authorizing the execution of a development agreement for Jimi Allen Photography, Inc. Pursuant to the Agreement Jimi Allen Photograph, Inc. will receive a $300,000.00 reimbursement toward the architectural fees and life safety repairs and restoration of the building at 56-58-60 S LaSalle St. Funding for the reimbursement will come from Tax Increment Financing District No 1.
BACKGROUND:
The property at 56-58-60 S LaSalle Street, built in 1914, is part of the LaSalle Street Auto Row National Register Historic District. Jimi Allen Photography Inc. purchased the property is 2011 for $256,000, and has addressed some safety concerns and begun restoration on the building, however the front façade of the building has structural problems which if not addressed could result in irreparable damage to the building and threaten the safety of those on the public way.
DISCUSSION:
The project will restore the front façade of a vacant 16,000 square foot Coats building, now called the Gravity Building, which once housed automobile dealerships and manufacturing uses. The exterior life safety work includes the repair/replacement of the parapet wall and the front façade masonry, front façade window and door replacement on the 2nd and 3rd floors with ancillary railings, and any ancillary roof repair caused by the façade repair/replacement.
The Development Agreement proposes an Incentive Amount of $300,000.00 or up to 50% of the Actual Project Costs of the Project with $50,000.00 being a reimbursement for architectural design fees and $250,000.00 being a reimbursement to for the for the exterior life safety rehabilitation, reconstruction, and repair of the façade of the Property.
IMPACT STATEMENT:
The development made possible through the approval of this agreement will have a positive impact on the economic health of the City of Aurora and the downtown including but not limited to the following:
Addressing the external Life Safety concerns with this building will add to the protection of the public health, and safety, of the downtown;
The repair of the external portions of the property is expected to result in a building which is more attractive to financing for any interior redevelopment;
RECOMMENDATIONS:
Staff recommends approval of the resolution authorizing the execution of a development agreement for 56-60 S LaSalle Street Façade Restoration in an amount not to exceed $300,000.00.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Authorizing the Execution of a Development Agreement for the Façade Repair and Restoration of 56-60 S LaSalle St.
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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, the Corporate Authorities of the City of Aurora, Kane, Kendall, Will and DuPage Counties, Illinois have considered a Development agreement for certain property within the City of Aurora and the TIF #1 Redevelopment Project Area/Tax Increment Financing District, a true and correct copy of the Development Agreement (the "Development Agreement") being attached hereto and made a part hereof as EXHIBIT "A"; and
WHEREAS, a transfer to the 2014 City Budget has been requested to provide $300,000.00 in Account Number 231-1830-465.55-78 in order to provide all necessary funding for the project; and
WHEREAS, the Corporate Authorities of the City of Aurora, Kane, Kendall, Will and DuPage Counties, Illinois have determined that it is in the best interests of the residents of the City of Aurora that the Redevelopment Agreement be entered into the City of Aurora, and further, that but for the provision for incentives as provided therein, the property would not otherwise be developed as provided therein.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
Section 1: The Preambles hereto are hereby made a part of, and operative provisions of the Resolution as fully as if completely repeated at length herein.
Section 2: That the Mayor and City Council of the City of Aurora hereby find that it is in the best interests of the City of Aurora and its residents that the aforesaid "Development Agreement" with Jimi Allen Photography Inc. be entered into by the City of Aurora, with said Agreement to be substantially in the form attached hereto and made a part hereof as EXHIBIT "A".
Section 3: That the Mayor and City Clerk of the City of Aurora, Kane, Kendall, Will and DuPage Counties, Illinois, are hereby authorized to executive for and on the behalf of the City of Aurora, the aforesaid Redevelopment Agreement.
Section 4: That this Resolution shall take effect from and after its adoption and approval as required by law.
PASSED AND APPROVED on ______________.
AYES ____ NAYS ____ NOT VOTING ____ ABSENT ____
____________________________ __________________________
Alderman Bohman, Ward 1 Alderman Garza, Ward 2
____________________________ __________________________
Alderman Mesiacos, Ward 3 Alderman Donnell, Ward 4
____________________________ __________________________
Alderman Peters, Ward 5 Alderman Saville, Ward 6
____________________________ __________________________
Alderman Hart-Burns, Ward 7 Alderman Mervine, Ward 8
____________________________ __________________________
Alderman Bugg, Ward 9 Alderman Johnson, Ward 10
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Alderman Irvin, At Large Alderman O'Connor, At Large
ATTEST:
____________________________ __________________________
City Clerk Mayor
EXHIBIT "A" Development Agreement