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TO: Mayor Robert J. O'Connor
FROM: Rick Guzman, Assistant Chief of Staff
DATE: November 29, 2016
SUBJECT:
To approve a Development Agreement with The Aurora Metropolitan Exposition, Auditorium and Office Building Authority (a.k.a., The Aurora Civic Center Authority or ACCA) and The Aurora Arts Center Developer LLC (formed by The Community Builders) for the Redevelopment of the non-residential, commercial portions of the buildings Located at 5 East Galena Boulevard and 2 - 20 S. Stolp Avenue
PURPOSE:
Attached is a Development Agreement that reflects the same terms approved by City Council on June 28, 2016 in a Memorandum of Understanding between The City of Aurora and The Community Builders (TCB), a nationally renowned, non-profit developer that has expertise in utilizing Historic Tax Credits and other tax credit financing to redevelop vacant buildings into vibrant, mixed-use centers for artist residences, retail and community center-type spaces. Based on the Structure of the Partnerships involved, the Aurora Civic Center Authority (ACCA) is also a party to the Development Agreement that solidifies the previously agreed upon terms.
This Development Agreement - combined with a "companion" Development Agreement for the residential portion of the project (also up for consideration) - contemplates a full, historic renovation of the former Waubonsee Community College Campus buildings located at 5 E. Galena and 2 - 20 S. Stolp and the Former Coulter Opera House located at 32 S. Broadway for the following new, long-term uses:
1. Restaurant: a first-class, restaurant space in 5,000 sq. ft. of the building facing Galena;
2. School for Performing Arts & Paramount Space: an approx. 35,000 sq. ft. condo consisting
of 4 dedicated apartments, rehearsal space and a 30,000 sq. ft. school for performing arts
(built to ACCA Specifications & including some FF&E);
3. Artist's Lofts: an additional 36 artist's loft, affordable units with strong artist preferenc...
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