TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: February 7, 2019
SUBJECT:title
Presentation on downtown housing study.
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PURPOSE:
City Staff would like to discuss with the Finance Committee key findings from the City’s consultant, Laurie Volk from Zimmerman/Volk Associates, Inc. who has recently completed and submitted to Staff a draft of the Analysis of the Residential Market Potential for Downtown Aurora.
BACKGROUND:
City staff hired a nationally recognized residential market consultant, Zimmerman/Volk Associates, Inc. to undertake and complete an analysis of residential market potential in Downtown Aurora. Ms. Laurie Volk began the process in December 2018 and has completed a draft of her findings.
DISCUSSION:
An executive summary of the findings are attached to your packet, and the full report will be made available after staff’s full review. A more formal presentation will be given by Ms. Volk at an upcoming Council meeting.
IMPACT STATEMENT:
Staff believes that the analysis will benefit the City by showing a latent demand for new housing in the Downtown. The report will also become a marketing tool used by the Economic Development Department and Invest Aurora.
RECOMMENDATIONS:
Staff requests that the Committee support Staff presenting the study to the full council.
cc: Finance Committee
Alderman Robert J. O'Connor
Alderman Edward J. Bugg
Alderman Theodoros C. Mesiacos
Alderman Richard B. Mervine