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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director of Mayor's Office of Economic Development
DATE: January 11, 2022
SUBJECT:
A Resolution Authorizing the Execution of Two Development Agreements that Allows for the Conveyance of the Todd School (100 Oak Avenue) and the Lincoln School (631 South Lake Street) to Visionary Ventures NFP Corporation and Sets Forth Other Terms Regarding Redevelopment of These Shuttered Schools with Affordable Housing and a Public Health Facility; Approval of $2,900,000 of Federally Funded Home Investment Partnerships Funds (HOME) and $600,000 of Community Block Grant (CBDG) Funds to Support These Projects.
PURPOSE:
After taking title to both schools, subject to an IGA with School District 129 that was previously authorized in December of 2020 (Resolution #2020-326), the City is seeking to donate these schools to Visionary Ventures for the purpose of facilitating the construction of 47 new affordable units and a new public healthcare facility or another social service agency, charitable organization, health related facility or similar use not operated for pecuniary profit (as approved by City Ordinance O21-060) ("Healthcare Facility"); for the exclusive use of residents of the District with school-age children.
BACKGROUND:
Visionary Ventures NFP Corporation is a nonprofit organization whose mission is to bring affordable housing, economic development and services to Native Americans and other underserved populations and communities. The company is led by Shelly Tucciatelli, a longtime industry professional with over twenty years of experience in management, training, administration and development of affordable housing and community development.
Supporting partners are Cordogan Clark, the Aurora based architectural, engineering, interiors, planning and construction firm and MR Consulting Services, whose majority principal is Michael Poulakidas; the company provides asset management, marketing, contracting a...
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