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TO: Mayor Richard C. Irvin
FROM: Loretta Daly, Acting President/CEO Invest Aurora
David Dibo, Director of Economic Development
DATE: May, 16, 2024
SUBJECT:
A Resolution transferring the Finish Line Grant Program (FLG) and allocated funds to Invest Aurora to provide incentives for the recruitment, expansion, and upgraded building stock to businesses throughout the City of Aurora.
PURPOSE:
The Resolution authorizes the transfer of marketing and administration responsibilities of the Finish Line Grant Program to Invest Aurora to increase business start-up, recruitment, and expansion, as well as the upgrade to building stock throughout the City of Aurora.
BACKGROUND:
Established in 2015 the Finish Line Grant Program has historically helped to enhance the economic vitality of Downtown Aurora. Originally administered through Invest Aurora, the program was transferred to MOED in 2022 however, given the mission of Invest Aurora, which includes data collection and marketing responsibilities, it was determined that this transfer will provide for a more efficient management of the program.
Upon transfer of the Finish Line Grant Program to the City of Aurora's Mayor's Office of Economic Development in 2022, Invest Aurora's contractual compensation was reduced by $90,000. This reduction resulted in the elimination of a full-time position to oversee Invest Aurora's Financial Services Program. Responsibilities for the remaining Financial Programs administered through Invest Aurora were transferred to the remaining staff to the detriment of other critical services.
Upon completion of the 2023 FLG Program staff from both MOED and Invest Aurora began a thorough review of all program parameters as well as its administrative structures to ensure that the program best reflect the City economic development goals, and the business community's needs.
There is $375,000 of funding that was approved for 2024 that will be made available as of June 1, 2024; an additional...
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