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TO: Mayor Robert J. O’Connor
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 21, 2017
SUBJECT:
A Resolution Approving the Second Amendment to Development Agreement with Jimi Allen Photography Inc., for 56-58-60 South LaSalle Street, more specifically, to extend the time for obtaining occupancy permits to September 1, 2017 (Jimi Allen Photography - 17-00363 / AU22/3-17.073-AG/D - BW - Ward 2 )
PURPOSE:
To complete the portions of the work at the building under the terms of the June 2016 Development Agreement.
BACKGROUND:
The current agreement includes the City's $82,000 grant combined with a $75,000 finish line grant to complete the project that brings the City's total participation in this project up to the $457,000 incentive amount.
DISCUSSION:
This project came before the Finance Committee and was recommended for approval in September of 2013 (Item# 13-00625). The Development Agreement at that time contained an incentive amount of $457,000 of TIF assistance (not to exceed 33% of the project's total actual costs). That Agreement was ultimately tabled at the C.O.W. level and was eventually replaced by a Development Agreement approved in February of 2014 whereby the City funded a large portion ($300,000) of an emergency Facade repair (Resolution No. 14-048). This work was completed in 2015 and construction is well underway for the projected $2.3 million buildout (total includes the completed facade work). In June of 2016 a First Amendment to the Agreement allowed for the full expenditure amount of $457,000 to be provided for the project.
IMPACT STATEMENT:
This Resolution, if approved via letter of agreement, will have a positive impact on the redevelopment of downtown, specifically of LaSalle Street.
RECOMMENDATIONS:
It is recommended that the Second Amendment be approved which only extends the deadline for obtaining occupancy permits included the attached Letter Agreement between the City of Aurora and Jimi Allen Photography as Exhibit A.
cc: Alderman O’Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Approving Second Amendment to Development Agreement with Jimi Allen Photography Inc., for 56-58-60 South LaSalle Street
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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 City of Aurora and Jimi Allen Photography Inc., entered into a Redevelopment Agreement pursuant to Resolution R14-048, passed and approved by City Council of the City of Aurora on February 25, 2014, and thereafter entered into a First Amendment to Development Agreement pursuant to Resolution R16-206, passed and approved by the City Council of the City of Aurora on June 28, 2016; and
WHEREAS, it is necessary to enter into a Second Amendment to Development Agreement, as set forth in Exhibit "A " attached hereto and incorporated herein, in order to extend the deadline for developer to obtain a certificate of occupancy for the project from January 1, 2017 to September 1, 2017, and
WHEREAS, it is in the best interests of the City of Aurora and its residents to approve this Second Amendment to Development Agreement in order to complete the project
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
1. That the Second Amendment to Development Agreement with Jimi Allen Photography Inc., for 56-58-60 South LaSalle Street, as set forth in Exhibit "A" attached hereto and made a part hereof, is hereby approved, and the Mayor is hereby authorized to execute same.