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TO: Mayor Richard C. Irvin
FROM: David Dibo, Director of Economic Development
DATE: February 8, 2019
SUBJECT:
A Resolution authorizing the execution of a Redevelopment Agreement with UEP Keystone, LLC to facilitate the redevelopment of certain real property located at 30 S Stolp Ave. in the City of Aurora, commonly known as the "Keystone Building."
PURPOSE:
To promote the continued revitalization of the downtown, the Economic Development Division recommends the approval of the Redevelopment Agreement between the City of Aurora and Urban for the development of the Keystone Building at 30 S. Stolp. Urban plans to redevelop the property with market rate apartments and re-energized retail on the ground floor.
BACKGROUND:
Housing, specifically market rate housing is intrinsic to the cycle that not only creates activity and excitement but brings the need for services that in turn supports businesses that attract more residents and more spending. Property values rise that further incents developers to take risks on projects that previously were deemed unfeasible. An iconic building that is underutilized will be re-adapted and re-purposed, a first example of the ripple impact of the redevelopment of the former Waubonsee College. Sales taxes will increase in the retail business and overall assessments will rise. Impacts to School District 131 should be minimal given the likely market for the residential units; yet a portion of the incremental real estate taxes will go to the district. The redevelopment of the Keystone Building is consistent with the goals of the City's downtown Master Plan approved November 2017.
DISCUSSION:
The Keystone Building, is not yet on the National Register for Historic Places and needs to undergo the thorough process to get it qualified and then implemented consistent with this designation. The building, will no doubt qualify, yet will need extensive renovations to change uses while maintaining the historic character of the buildin...
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