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TO: Mayor Richard C. Irvin
FROM: Alex Alexandrou, Chief Management Officer
Christopher Minick, Chief Financial Officer
DATE: October 10,2024
SUBJECT:
Resolution to Approve the Establishment of a Transformation Fund for the Aurora Business Community and Authorizing the deposit of $5,000,000 with Invest Aurora for its funding.
PURPOSE:
Several organizations have historically concentrated on economic development efforts and the City has provided financial support for various initiatives. There has been some overlap in the in the efforts undertaken as time has gone along. In an effort to improve the economic development process, several organizations have approved consolidation into a unified organization to allow for more efficient and effective use of funding provided. The City wishes to provide funding for the efforts of the consolidated organization, including a Transformation Fund to allow for various enhancements to the business climate within the City of Aurora.
BACKGROUND:
In June of 2024, the City approved a Development Agreement with C1 Chicago, LLC which required a reimbursement of $16,000,000 for City investment in infrastructure improvements in the area proximate to I-88 and Eola Rd that occurred in the early 2000's. The City received the funds as specified in the Development Agreement in mid-July of 2024.
We are proposing to utilize the funds to enhance economic development efforts throughout the City. To that end, the funds are to be utilized in support of the following initiatives:
$9 million for an economic development initiative fund for the Mayor's Office of Economic Development. This funding is intended to be utilized for investments in economic development projects that will ultimately be paid back to the fund. To date funds have been utilized for property acquisition along the north side of Bilter Road as approved in July of 2024.
$1 million to be added to the Historic Preservation Program (to be approved via the 2025...
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