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TO: Mayor Robert J. O'Connor
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 4, 2017
SUBJECT:
To approve an Amended and Restated 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:
Much has taken place since the City Council approved in December 2016 resolution R16-384, which is a development agreement for the commercial portion of a multi-faceted development at the former Waubonsee Community College building as well as Coulter Court apartments. With the help of the DuPage County Board a $1.3 Million loan on Coulter Courts was forgiven, as well as a loan forgiveness from Neighbor Works organization, a federal funding partner for the Joseph Corporation. But what precipitated these actions described above, and what has also changed since December, is the fact that this project lost $3,000,000 in tax credit value, which is being heavily relied upon in this project. With the Coulter Court property now poised for redevelopment, it cannot succeed without additional funding sources to close that lost tax credit gap.
BACKGROUND:
This amended development agreement modifies the commercial portion of the project to help close the gap. This agreement will also be considered by the Aurora Civic Center Authority (ACCA) and the Aurora Arts Center Developer LLC (The Community Builders) Attached is a Development Agreement that reflects changes to those 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...
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