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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director
DATE: May 9, 2019
SUBJECT:
Approval of an agreement between the City of Aurora and Altiro restaurants in the amount of $100,000 to facilitate the opening of a Latin Fusion restaurant in the now vacant space at the Leland Building on the corner of Galena and Stolp. This funding will be split between a $64,000 grant and $36,000 loan payable within two years.
PURPOSE:
To entice a proven restauranteur to come to downtown Aurora and be open for the next Paramount Fall Season. This would complement the significant activity that is occurring on Stolp Avenue, supporting this area as the "center of gravity" in the downtown.
BACKGROUND:
Altiro was founded by Roberto Altiro, a self-made entrepreneur and former professional soccer player in Mexico. After working at restaurants in Geneva for a number of years, he refined his craft both gastronomically and operationally and opened up five restaurants in Geneva, La Grange, Chicago (Roscoe Village), West Chicago and Wheaton (opening shortly). Roberto and his wife have been lauded in the press including having Altiro being named one of the ten best Fusion restaurants in Illinois.
Altiro typically works with selected investors to create his restaurants, but encountered difficulty securing them in downtown Aurora. To proactively maintain Roberto's willingness to come downtown, the City and Invest Aurora have been working closely with him over the last 3 months.
DISCUSSION:
The goal is to have the restaurant open by early Fall. In order to do so, Altiro needs funding for furniture and equipment.
The City would provide the funding of $100,000 in two payments. The first would be no later than May 31, 2019. The funding is available in the Downtown TIF Fund in account
231-1830-465-55-63, Major Project Development, with a budget of $150,000.
Mr. Karademas, will allow rent payments of $4,000 per month for a period of nine months beginning in month 10 and cont...
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