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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director
DATE: February 27, 2025
SUBJECT:
A resolution authorizing approval of a Loan Agreement between the City of Aurora and Jamie Gilmore, and a third amendment agreement between the City of Aurora and Urban Equity Properties (UEP) for the purpose of facilitating the redevelopment of the vacant commercial space located at the ground level at 2 N. Broadway in downtown Aurora
PURPOSE:
The Agreements will facilitate Jamie Gilmore to open "Lizzy J Caf?" a sophisticated diner with affordable prices. The agreement codifies the commitments from Jamie Gilmore that triggers City incentives that will be repaid to the City as described below.
BACKGROUND:
Proliferation of new and long-standing downtown restaurants, especially those unique to Aurora is a long-sought goal of the City. Restaurants, bars and hospitality businesses in general support a population living, working, or visiting a city that in turn adds to an environment that encourages more of the same. Based on informal surveys from the Paramount Theater, attendees often comment that they would like to have more dining opportunities in walking proximity to the theater for a "one stop" entertainment and dining experience. With a rising tide of a robust dining alternatives, bars and lounges, all hospitality businesses prosper. Jamie owns and operates a popular breakfast and brunch cafe in Chicago, one of them in the prominent Fulton Market.
The Lizzy J Diner will be located at the same location as the former popular Broadway Diner the "Terminal" building, also known as Lofts on Broadway.
Similar to the Hobbs Development at Galena and River Street, the costs associated with the renovation of the residential portion of the project far exceeded the original estimates due to the unprecedented inflation that took place after COVID. As detailed in the Amendment to the Hobbs/JH Redevelopment Agreement, the City agreed to provide Food and Beverage/Sales...
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