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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 30, 2014
SUBJECT:
To request authorization to execute a Redevelopment Agreement with Aurora Curbside Limited in the amount of $50,000 for the purpose of installing a freezer and electrical upgrades to the property at 260 South Highland once Aurora Curbside Limited acquires and occupies the property.
PURPOSE:
The City of Aurora will be purchasing the current property of Aurora Curbside Limited, the ice cream vender facility at 143 Middle Avenue. Aurora Curbside Limited will be acquiring and relocating the business to 260 South Highland Avenue. The 260 South Highland property is in need of electrical upgrades, in part to house a new freezer to replace the one at 143 Middle Avenue, which was found to be difficult to remove. The redevelopment agreement would allow for the City to grant Curbside Limited the funds necessary to buy and install the freezer, and to perform electrical upgrades to the building.)
BACKGROUND:
Both the City and Seize the Future Development Foundation have been working to acquire the Middle Avenue property to complete the build-out of the parking lot along Lake Street. The opportunity to both acquire this property and for Curbside Limited to have found a suitable location to move their business prompted the action taken by the City, and the ability to provide an incentive to make improvements to the new property to accept the necessary infrastructure for the business.
DISCUSSION:
There is a clawback provision in the agreement that necessitates Aurora Curbside Limited staying in business at this location for three years. Also, the incentive is effective once the Highland Property is acquired. Funding for this agreement is available from Account Number 215-1710-417.71-01 (Cost of Land)
IMPACT STATEMENT:
Approving this redevelopment agreement completes the City's plan for 143 Middle Avenue once acquired, and the new home ...
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