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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: June 3, 2021
SUBJECT:
A Resolution to extend the agreement between the City of Aurora and Seize the Future, doing business as Invest Aurora for a period 3 months from July 1, 2021 to September 30, 2021.
PURPOSE:
The City of Aurora (Mayor's Office of Economic Development (MOED) and Invest Aurora (IA) are working to align activities for the coming years. Due to COVID 19, American Rescue Plan Act (ARPA), and related issues that have brough more data and opportunity for both agencies, an extension of the current agreement will allow a renewal in the coming months that outlines both City and Invest Aurora plans more fully.
BACKGROUND:
Resolution R16-162 provided for the last extension of the relationship between the City of Aurora and Invest Aurora. This resolution provided for a three year agreement with two extensions and will expire on June 30, 2021. The City and Invest Aurora have a mutually beneficial relationship that is recommended to be continued for a similar three year commitment with extensions.
DISCUSSION:
The City and Invest Aurora continue to improve the City of Aurora economy through the cooperation on such projects as the Old Copley Hospital renovation and the Stable business relief fund. Moving forward, with further federal funds available and a growing economy MOED and IA are developing new plans and programs. Unfortunately, the timing of ARPA guidelines has made it difficult to determine eligible funding for economic development activities to also meet renewal of the IA agreement. Given that ARPA funding can be used through the end of 2024, it is quite probable that the City/IA could have programmatic expenses associated with ARPA funding and this has yet to be finalized.
The extension the City/IA agreement is intended only to provide the quarterly payment to IA for operating purposes which is set at $164,864 for 2021.
IMPACT STATEMENT:
The approval of this resolution will allow for continued operations of Invest Aurora through September 30, 2021.
RECOMMENDATIONS:
That this resolution be adopted.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution authorizing an extension of an agreement with Seize the Future Development Foundation, Inc. for services related to economic development through September 30, 2021.
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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 Seize the Future Development Foundation, Inc. is an Illinois not-for-profit corporation operating as Invest Aurora (Invest Aurora); and
WHEREAS, Invest Aurora has served as the City's economic development partner since 2005; and
WHEREAS, the present relationship between the City and Invest Aurora is set forth in an agreement authorized Resolution R16-162 and expires June 30, 2021; and
WHEREAS, but for the impact of the COVID-19 Pandemic and the timing of the inhiation of the American Rescue Plan Act of 2021, the City and Invest Aurora would have negotiated and entered into a new agreement with a duration similar to that of the agreement authorized by R16-162; and
WHEREAS, the City and Invest Aurora desire to maintain their existing relationship through September 30, 2021, with the intention of continuing negotiations and presenting a new agreement for consideration by their respective corporate authorities prior to the end of the extension authorized by this Resolution;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: that an extension of the agreement previously authorized by Resolution R16-0162 between the City and the Seize the Future Development Foundation, Inc. through September 30, 2021, shall be and hereby is authorized; and further
BE IT RESOLVED, the Mayor and City Clerk shall be and hereby are authorized and directed to execute and witness, respectively, such documents required to carry the purpose of this Resolution into execution.