cover
TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director of Economic Development
DATE: May 1, 2018
SUBJECT:
A Resolution Approving Third Amendment to Development Agreement with Jimi Allen Photography Inc., for 56-58-60 South LaSalle Street (Jimi Allen Photography - 18-0347 / AU22/3-17.073-AG/D - DD - Ward 2)
PURPOSE:
To complete the portions of the work at the building under the terms of the Approved 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 (Legistar 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 was 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. In May of 2017 (Resolution No. R17-158) the City Council approved an Amendment to the agreement to extend the project construction period. The project completion is now eminent and Jimi Allen Photography is requesting an amendment to reflect the final completion date.
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 Third Amendment be approved, with the only amendment being the extension of the deadline for obtaining occupancy permits as reflected in the attached Letter Agreement between the City of Aurora and Jimi Allen Photography Inc. as Exhibit A.
cc: Alderman O’Connor, Chairman
Alderman Mesiacos
Alderman Bugg
Alderman Mervine, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Approving Third Amendment to Development Agreement with Jimi Allen Photography Inc. for 56-58-60 South LaSalle Street
body
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 the Agreement was thereafter amended pursuant to Resolution R16-206 passed and approved by the City Council of the City of Aurora on June 28, 2016, and Resolution R17-158, passed and approved by the City Council of the City of Aurora on May 9, 2017; and
WHEREAS, it is necessary to enter into a Third 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 September 1, 2017 to May 23, 2018, and
WHEREAS, it is in the best interests of the City of Aurora and its residents to approve this Third 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: That the Third 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.