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TO: Mayor Richard C. Irvin
FROM: John Curley, Chief Development Officer
David Dibo, Executive Director, Mayor's Office of Economic Development
DATE: August 3. 2018
SUBJECT:
A Resolution Approving an Amendment to Resolution R15-257 With Respect to the Seize the Future Development Foundation Finish Line Grant Program Grease Trap and Sanitary Relocation Grant
PURPOSE:
The Purpose of this request is to provide an additional $62,000 in TIF 1 funds toward the Grease Trap and Sanitary Relocation Grant under the Seize the Future Development Foundation (Invest Aurora) Finish Line Grant Program.
BACKGROUND:
The Grease Trap and Sanitary Relocation Grant Program was established as an amendment to the Finish Line Grant Program Resolution No. R15-257 on September 8, 2015. The purpose of this program is to encourage building owners and restaurants on West New York Street to reroute their grease traps and sanitary lines from Pinney Street to New York Street. The program offers a 100% reimbursement of the costs associated with rerouting sanitary lines to W New York and 50% reimbursement of the associated costs to reroute grease traps. Funding for this program comes from the Finish Line Grant, and the total amount currently available in the Finish Line Grant program is $53,721.90. The cost to convert the remaining units, if completed as one large project, is $243,105.23, of which $127,120 has already been committed from the Finish Line Grant; thus, an additional $115,985.23 is needed to fund the project. The Finish Line Grant balance is $53,721.90, leaving a shortfall of $62,263.33.
DISCUSSION:
The Grease Trap and Sanitary Relocation Grant Program is set to expire October 2018. The status of the projects under this program is listed in the Invest Aurora memo dated 5/30/18 and included for review. To date, two of the seven qualifying units have completed their rerouting of grease trap and sanitary lines to W New York Street. Additionally, two sanitary rerouting projec...
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