TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
DATE: August 30, 2013
SUBJECT: title
Resolution Authorizing the Execution of a Development Agreement with Jimi Allen Photography, Inc. for 56-58-60 S LaSalle St (Jimi Allen Photography, Inc. - AU22/3-11.285-AG - ES - Ward 2)
body
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 $457,050.00 reimbursement toward the acquisition and renovation 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 safety concerns and begun restoration on the building.
DISCUSSION:
The project, called the Gravity Building, will transform a vacant 16,000 square foot building which once housed automobile dealerships and manufacturing uses into an updated workspace environment. The first floor is proposed to be an incubator co-working office space for professionals. In addition, a café / coffee house is proposed to be housed on the first floor. The coffee house could include a cafe offering whole bean coffee, including coffee brewing equipment, and educational classes. The second floor is proposed for offices for Bureau Gravity, RemoteLink, and other private offices. The third floor is proposed to be used for private events and meeting space.
The Development Agreement proposes a Incentive Amount of $457,050.00 or 33% of the Actual Project Costs of the Project with $221,600.00 being a reimbursement for the purchase of the Property and $235,450.00 being a reimbursement to for the for the rehabilitation, reconstruction, repair and/or remodeling of the Property.
IMPACT STATEMENT:
The development made possible through the approval of this agreement with have a positive impact on the economic health of the City of Aurora and the downtown including but not limited to the following:
· The redevelopment of the property is expected to result in increased employment downtown;
· The redevelopment of this property will enhance the tax base of the City of Aurora.
· The redevelopment of this property will add to the overall vitality of downtown Aurora
RECOMMENDATIONS:
Staff recommends approval of the resolution authorizing the execution of a redevelopment agreement with Jimi Allen Photography Inc. in an amount not to exceed $443,200.00
ATTACHMENTS:
Property Information Sheet
Photos of the Property
Gravity Building - Concept Memo
Gravity Building - Concept Plans
Draft Resolution
Draft Agreement
cc: Alderman O'Connor, Chairman
Alderman Schuler
Alderman Mervine
Alderman Peters, Alternate