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TO: Mayor Robert J. O'Connor
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 21, 2017
SUBJECT:
A Resolution Approving the Second Amendment to Development Agreement with Jimi Allen Photography Inc., for 56-58-60 South LaSalle Street, more specifically, to extend the time for obtaining occupancy permits to September 1, 2017 (Jimi Allen Photography - 17-00363 / AU22/3-17.073-AG/D - BW - Ward 2 )
PURPOSE:
To complete the portions of the work at the building under the terms of the June 2016 Development Agreement.
BACKGROUND:
The current agreement includes the City's $82,000 grant combined with a $75,000 finish line grant to complete the project that brings the City's total participation in this project up to the $457,000 incentive amount.
DISCUSSION:
This project came before the Finance Committee and was recommended for approval in September of 2013 (Item# 13-00625). The Development Agreement at that time contained an incentive amount of $457,000 of TIF assistance (not to exceed 33% of the project's total actual costs). That Agreement was ultimately tabled at the C.O.W. level and was eventually replaced by a Development Agreement approved in February of 2014 whereby the City funded a large portion ($300,000) of an emergency Facade repair (Resolution No. 14-048). This work was completed in 2015 and construction is well underway for the projected $2.3 million buildout (total includes the completed facade work). In June of 2016 a First Amendment to the Agreement allowed for the full expenditure amount of $457,000 to be provided for the project.
IMPACT STATEMENT:
This Resolution, if approved via letter of agreement, will have a positive impact on the redevelopment of downtown, specifically of LaSalle Street.
RECOMMENDATIONS:
It is recommended that the Second Amendment be approved which only extends the deadline for obtaining occupancy permits included the attached Letter Agreement between the City of Aurora and Jimi Allen Photography as Ex...
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