cover
TO: Mayor Richard C. Irvin
FROM: John Curley, Chief Development Officer
David Dibo, Executive Director Mayor's Office of Economic Development
DATE: August 9, 2018
SUBJECT:
To obtain City Council approval of a Redevelopment Agreement between the City of Aurora and Pizzuti/TMD LLC (The Developer).
PURPOSE:
The approval of this agreement will allow for the development of a 274,000 sq. ft. industrial building at the intersection of Mitchell Road and I-88 and the extension of Corporate Drive by 1,165 linear feet.
BACKGROUND:
Pizzuti/TMD LLC (Developer) is an industrial developer who is the contract purchaser of approximately 16.56 acres of land at the northeast corner of I-88 and Mitchell Road. Pizzuti is a highly respected and successful developer of build to suit properties, industrial, office, multi-family, healthcare, hospitality and land throughout the United States (pizzuti.com). Their focus is on combining good design and at competitive cost, prioritizing detail and execution,
The Developer seeks to construct a 274,000 sf industrial building. As part of constructing the building for an approximate total project cost of $18 million dollars the developer is responsible to extend Corporate Drive 1,165 linear feet from its present terminus to Mitchell Road at a projected cost of $2,881.447 as follows:
Corporate Blvd Extension $1,002,241
Land for road $ 261,360
Pond including land $ 829,420
USACOE Mitigation $ 100,000
Closing costs $ 177,500
Capitalized Interest $ 252,000
Debt Service Reserve Deposit $ 175,000
3% Contingency).plus 6% interest. $ 83,926
TOTAL $2,881,447
Both the road to be constructed and the industrial building to be built are located within Tax Increment Financing District 7 which expires in 2034. The Developer has agreed that it will construct both the road and industrial building as described, provided that they receive certain incentives from the ...
Click here for full text