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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
David Dibo, Director of Economic Development
DATE: December 7, 2020
SUBJECT:
A Resolution authorizing the 2nd Amendment to the Redevelopment Agreement (RDA) between the City of Aurora and Fox Valley Developers as amended.
PURPOSE:
This This Resolution provides for the amendment of the RDA initially approved under Resolution R19-382 (resolution and cover memo attached) and subsequently amended under Resolution R20-135 (resolution and cover memo attached). This 2nd amendment (final attachment) makes modifications relating to timing, and actions that precipitate other actions while maintaining the essence of the approved RDA including funding obligations from the City.
BACKGROUND:
Originally initiated through Phase I - the Remediation of Old Copley Hospital in 2018, the Renovation of the Old Copley Hospital by Fox Valley Developers (FVD) is a multi-phase project involving several components and complex financing. The post remediation phase of this project was initiated in November 2019 and has progressed forward with the construction of the School Administration and training facility for School District 131 and detailed lanning and financing of the remainder of the project.
Issues related to the financing of this project, that are detailed in the attached report for the First Amendment to this RDA, resulted in a change in scheduling and financing for the District 131 portion of the project. Based on information provided by the state and federal government regarding the approval of the school facility, it was subsequently learned that the sale of the school district building cannot occur by December 31, as outlined in the 1st Amendment. This closing/move in was also impacted by COVID in that elevator infrastructure could not be obtained to finish the project by this deadline.
FVD has communicated to the City the final timelines for completing the School ...
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