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TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: September 22, 2023
SUBJECT:
A Resolution Authorizing a First Amendment to the Redevelopment Agreement for the Redevelopment of a New Italian Restaurant Known as Amore Mio, Curated by Roberto Avila, at 31-33 W New York Street in the City of Aurora, Illinois.
PURPOSE:
This Resolution and the first amendment to the approved redevelopment agreement thereof does not contradict the previously approved agreement but will facilitate the execution of such and expedite the remodeling of dining services at the former restaurant located at 33 West New York Street.
BACKGROUND:
The Council approved a Redevelopment Agreement on July 11, 2023 for a financial incentive in the amount not to exceed $200,000 as City Grant to Roberto Avila, the popular Latin chef and proprietor of the successful Altiro Latin Fusion restaurant, for the completion of the new Italian restaurant Amore Mio.
The approved Redevelopment Agreement included a section that added the Owner of the Property as an additional signatory for the limited and sole purpose of authorizing a License Agreement regarding stairs and decking adjacent to the Property.
DISCUSSION:
Due to unforeseen circumstances, the Owners have not added their signature to execute the Redevelopment Agreement. As construction has advanced, the financial burden for the completion of the restaurant has become significant on the tenant (Mr. Roberto Avila) making the approved disbursement of the $200,000 incentive timelier than ever.
IMPACT STATEMENT:
Not approving the first amendment to the Redevelopment Agreement, will add significant time to when the tenant will be able to receive the City funds and impede the completion of the restaurant Amore Mio.
RECOMMENDATIONS:
That this resolution be adopted.
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Authorizing a First Amendment to the Redevelopment Agreement...
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