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TO: Mayor Richard C. Irvin
FROM: Christopher A. Minick, Chief Financial Officer/City Treasurer
Alex G. Alexandrou, Chief Management Officer
DATE: October 11, 2021
SUBJECT:
A Resolution to extend the agreement between the City of Aurora and Seize the Future, doing business as Invest Aurora for a period of five (5) months from October 1, 2021 to March 1, 2022.
PURPOSE:
The City of Aurora Mayor's Office of Economic Development (MOED) and Invest Aurora (IA) are working to better align their collaborative activities for the coming years for the continued enhancement of successful economic development and support of Aurora’s economy. As a result of COVID 19, the American Rescue Plan Act (ARPA), and other related pandemic related issues, additional discussions and strategies are required based on more data and opportunities for both agencies to consider. Therefore, an additional extension of the current agreement is being requested which will allow for later consideration of a longer renewal in the coming months that outlines both City and Invest Aurora plans more fully to include measurable metrics and key performance indicators.
BACKGROUND:
Resolution R16-162 provided a long-term agreement which established the relationship between the City of Aurora and IA. This resolution provided for a three-year agreement with two extensions and expired on June 30, 2021. Resolution R21-170 extended the agreement by an additional 90 days and is set to expire on October 1, 2021. The City and IA have a mutually beneficial relationship and a valuable partnership for continuing to promote and develop significant economic development for the City of Aurora. Staff is recommending an extension of the current arrangement for an additional five (5) months until March 1, 2022 to allow for the finalization of the new long-term agreement.
DISCUSSION:
The City and IA continue to improve the City of Aurora economy through the cooperation on such projects as the Old Copley Hospital renovation and the STABLE business relief fund. Moving forward, with further federal funds available and a growing economy facing the challenges of the pandemic, MOED and IA are together developing new plans and programs. Included in this longer-term agreement will be new measurable metrics and key performance indicators better aligning, benchmarking and quantifying IA’s activities working with MOED to further advance the City’s marketing, attraction, retention, grant/loan programs and workforce development goals and initiatives.
The extension of the City/IA agreement is also intended to provide the quarterly payment to IA for operating purposes which is set at $164,864 for 2021.
IMPACT STATEMENT:
The approval of this resolution will allow for continued operations of Invest Aurora through March 1, 2022.
RECOMMENDATIONS:
That this resolution be approved.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution to extend the agreement between the City of Aurora and Seize the Future, doing business as Invest Aurora for a period of five (5) months from October 1, 2021 to March 1, 2022.
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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 Seize the Future Development Foundation, Inc. is an Illinois not-for-profit corporation operating as Invest Aurora (Invest Aurora); and
WHEREAS, Invest Aurora has served as the City's economic development partner since 2005; and
WHEREAS, the present relationship between the City and Invest Aurora is set forth in an agreement authorized Resolution R16-162 and expires June 30, 2021; and
WHEREAS, Resolution R21-170 authorized a 90-day extension to that agreement that will expire on October 1, 2021; and
WHEREAS, but for the impact of the COVID-19 Pandemic and the timing of the initiation of the American Rescue Plan Act of 2021, the City and Invest Aurora would have negotiated and entered into a new agreement with a duration similar to that of the agreement authorized by R16-162; and
WHEREAS, the City and Invest Aurora desire to maintain their existing relationship through March 1, 2022, with the intention of continuing negotiations and presenting a new agreement for consideration by their respective corporate authorities prior to the end of the extension authorized by this Resolution;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: that an extension of the agreement previously authorized by Resolution R16-0162 between the City and the Seize the Future Development Foundation, Inc. through March 1, 2022, shall be and hereby is authorized; and further
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: the Mayor and City Clerk shall be and hereby are authorized and directed to execute and witness, respectively, such documents required to carry the purpose of this Resolution into execution.