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TO: Mayor Richard C. Irvin
FROM: David Dibo, Economic Development Director
DATE: January 23, 2024
SUBJECT:
A Resolution Authorizing the Execution of a Memorandum of Understanding Between CyrusOne and the City of Aurora for the Development of the Property Located West of the Eola Interchange at 2725 Bilter Road, Aurora, Illinois, 60502.
PURPOSE:
To facilitate a process that will lead to maintaining and expanding the CMEs presence in the city of Aurora.
BACKGROUND:
CyrusOne is the contract purchaser of property located close to its existing 428,000 square foot facility located at 2905 Diehl Road. CyrusOne plans to build a data center on the 30-acre site shown in the attachments, with the principal tenant being the Chicago Mercantile Exchange (CME). The attached Memorandum of Understanding between the City and CyrusOne is a preliminary non-binding document.
DISCUSSION:
The MOU has two purposes:
First, the MOU sets forth the City's initial staff-level determination that the proposed data center is an appropriate use of the Subject Property. This determination is important because it will allow CME and CyrusOne to move forward with their lease negotiations which will result in a long-term partnership.
Second, the MOU recognizes that the City has spent significant resources in the Eola Road planning area. The MOU further recognizes that the City will require a contribution from CyrusOne to recapture this lost investment and lost future opportunity from the change in the City's original planning vision for this area. The parties are working through the appropriate total contribution amount but have agreed to utilize the City's total prior investment in the Eola Road Interchange area improvements as a reasonable benchmark for this investment recapture. A final agreement is anticipated to be presented to the Council for approval at the same time of the zoning entitlements and will be an integral part of those entitlements.
IMPACT STATEMENT:
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