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TO: Mayor Richard C. Irvin
FROM: Christopher A. Minick, Chief Financial Officer/City Treasurer
Alex G. Alexandrou, Chief Management Officer
DATE: October 11, 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 of five (5) months from October 1, 2021 to March 1, 2022.
PURPOSE:
The City of Aurora Mayor's Office of Economic Development (MOED) and Invest Aurora (IA) are working to better align their collaborative activities for the coming years for the continued enhancement of successful economic development and support of Aurora's economy. As a result of COVID 19, the American Rescue Plan Act (ARPA), and other related pandemic related issues, additional discussions and strategies are required based on more data and opportunities for both agencies to consider. Therefore, an additional extension of the current agreement is being requested which will allow for later consideration of a longer renewal in the coming months that outlines both City and Invest Aurora plans more fully to include measurable metrics and key performance indicators.
BACKGROUND:
Resolution R16-162 provided a long-term agreement which established the relationship between the City of Aurora and IA. This resolution provided for a three-year agreement with two extensions and expired on June 30, 2021. Resolution R21-170 extended the agreement by an additional 90 days and is set to expire on October 1, 2021. The City and IA have a mutually beneficial relationship and a valuable partnership for continuing to promote and develop significant economic development for the City of Aurora. Staff is recommending an extension of the current arrangement for an additional five (5) months until March 1, 2022 to allow for the finalization of the new long-term agreement.
DISCUSSION:
The City and IA continue to improve the City of Aurora economy through the cooperation on such projects as the Old Copley Ho...
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