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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: August 5, 2015
SUBJECT:
To approve a sales tax revenue sharing agreement with JTE Family Properties, LLC for a proposed restaurant to be known as Spartan Ale House, to be located at 1032 Prairie Street.
PURPOSE:
The sales tax revenue sharing agreement will help facilitate the remodeling and opening of the restaurant which will be located at the site of the former Colonial Drugs on the City's west side. The building has been vacant for the past several years. Remodeling a former retail establishment into a restaurant facility takes additional costs for the necessary restaurant infrastructure.
BACKGROUND:
The Seize the Future Development Foundation has been actively marketing the site for various commercial uses. The City and neighborhood would benefit from a use such as this on this important commercial corridor. In fact this corridor was the subject of discussion and inclusion in the University Neighbor's Neighborhood Planning Initiative. This initiative in part identified the economic development opportunities that could locate along this stretch of Prairie Street.
DISCUSSION:
The Seize the Future Development Foundation Grant Committee has reviewed and recommended that this agreement be executed. The attached memo to the committee from STFDF President and CEO Dave Hulseberg summarizes the agreement. The City's Finance Department would be providing a budget line item for which to draw sales tax funding pursuant to the agreement.
IMPACT STATEMENT:
The approval of this sales tax sharing agreement will have a positive impact on the area by occupying a currently vacant building, and providing additional commercial activity along Prairie Street.
RECOMMENDATIONS:
It is recommended that the attached Sales tax Revenue Sharing Agreement be approved.
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 Authorizing the Execution of a Sales Tax Revenue Sharing Agreement between the City of Aurora and JTE Family Properties, LLC for the Property Located at 1032 Prairie Street, Aurora Illinois
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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 desires to enter into a Sales Tax Revenue Sharing Agreement with JTE Family Properties LLC to facilitate the construction and establishment of a restaurant at the above address; and
WHEREAS, given that the total investment of the project exceeds $800,000.00, the project would not be viable without economic assistance from the City of Aurora through a sales tax revenue sharing agreement; and
WHEREAS, the Seize the Future Development Foundation Grant Committee has recommended that the City Council of the City of Aurora favorably consider the Sales Tax Revenue Sharing Agreement.)
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
Section 1: That the Mayor and City Council of the City of Aurora hereby find that it is in the bests interests of the City of Aurora and its residents that the aforesaid Sales Tax Revenue Sharing Agreement with JTE Family Properties LLC be entered into by the City of Aurora, with said Agreement to be substantially in the form attached hereto and made a part hereof as EXHIBIT 1.
Section 2: That the Mayor and City Clerk of the City of Aurora, Kane, Kendall, Will and DuPage Counties, Illinois, are hereby authorized to execute for and on behalf of the City of Aurora, the aforesaid Sales Tax Revenue Sharing Agreement