TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
DATE: January 5, 2013
SUBJECT: title
Resolution Authorizing the Execution of a Development Agreement with Salvatore Arenella for 30 N. Broadway (Salvatore Arenella - AU22/3-13.050-AG - ES - Ward 2)
body
PURPOSE:
Attached is a resolution authorizing the execution of a development agreement for Salvatore Arenella for the property at 30 N. Broadway. Agama Designs Architecture has been retained as project architect. Pursuant to the agreement Salvatore Arenella will receive a total of $8,000.00 for architectural assistance. Funding for reimbursement will come from Tax Increment Financing District No. 1.
BACKGROUND:
The property at 30 N. Broadway, built in 1905, is a three story 5,280 square foot masonry building. The first floor has been the longtime home of Ziegler Music. The upper two floors have been vacant for many years. The second floor was used as dentist offices many years ago, and the third floor has historically been used for storage. This building was purchased by Salvatore Arenella in February 2013.
DISCUSSION:
This development agreement would reimburse the property owner for architectural services fees to design future renovations to the building. The plan is to rehabilitate the first floor retail space including running new water lines, adding men's and women's bathrooms and refurbishing the tin ceiling. The second and third floors will be fully rehabbed into a 2 bedroom, 2 bathroom apartment on each floor.
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 including but not limited to the following:
· The redevelopment of the property is expected to result in increased employment in and near the 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 Aurora.
RECOMMENDATIONS:
Staff recommends approval of the resolution authorizing the execution of a development agreement with Salvatore Arenella in the amount not to exceed $8,000.00.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate