cover
TO: Mayor Richard C. Irvin
FROM: David Dibo, Director of Economic Development
DATE: February 8, 2019
SUBJECT:
A Resolution authorizing the execution of a Redevelopment Agreement with Aurora Town Center Associates, LLC to facilitate the redevelopment of certain real property located adjacent to the intersection of Ogden Ave. and 75th St. in the City of Aurora.
PURPOSE:
To promote desired development in and around the Route 59 corridor, the Economic Development Division recommends the approval of a Redevelopment Agreement between the City of Aurora, IL and Cedarwood. This development will provide for an assisted living facility in Phase I and independent senior living in Phase II.
BACKGROUND:
There are a number of benefits to facilitating the Cedarwood development: (1) Bring shorter term (construction) and longer term (operations) employment. Current estimates are the creation of almost 600 construction jobs and 130 permanent jobs. (2)Assessments and real estate taxes revenue will increase substantially and when both phases are completed are estimated to be between $800,000 and $1.0 million. (3)The buildings will service a proven need in the market and do so without adding any student population to Indian Prairie School District 204, a key motivation when the city was first approached by Cedarwood. (4)The agreement will provide the underlying revenues that will enable the extension of Commons Drive, a missing link of the road that will open up traffic to the south and take traffic burden from Route 59 and do so based on future/incremental tax revenue rather than coming from existing City coffers.
Current plans are for an 87 bed assisted living facility (Phase I) followed by the construction of a 144 unit independent living complex. Despite substantial development in the immediate area, the site has remained vacant due to a combination of factors, most notably a prior annexation agreement that contemplates the extension of Commons Drive with the majo...
Click here for full text