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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director, Mayor's Office of Economic Development
Alex Minnella, Senior Planner, Mayor's Office of Economic Development
Martin Lyons, Economic Development Consultant, Mayor's Office of Economic
Development
DATE: January 27, 2025
SUBJECT:
A Resolution authorizing a Redevelopment Agreement (RDA) between the City of Aurora and JH Real Estate Partners, LLC (JH) for the redevelopment of the property located at 2 S Broadway, commonly known as the Aurora National Bank building.
PURPOSE:
The RDA will facilitate JH plans to redevelop the formerly known Aurora National Bank building at 2 S Broadway into a mixed-use building composed of thirty (30) brand-new market rate apartments.
The RDA codifies the commitments from JH that trigger City incentives that will be paid by the City as described below.
The City will have no upfront financial obligation in this deal and any incentive granted will be earned by new (incremental) taxes generated.
BACKGROUND:
JH Real Estate Partners LLC, (JH) whose managing members are Jay Punukollu and Harish Ananthapadmanabhan is the owner of the 40,000 building which also includes 15,000 square feet commercial space currently leased to Fifth Third Bank which is not part of the financial incentive and agreement described below.
JH is a well-known experienced developer which has successfully taken on the long-vacant Hobbs challenge to much acclaim and both the residential and restaurant spaces have been very successful.
The redevelopment of this building is another excellent opportunity to fill a housing demand and repopulate Downtown in support of downtown businesses.
DISCUSSION:
The proposed residential redevelopment of approximately 40,000 square feet comprised between floor 4 to floor 8 aims to repurpose office space into 30 new market rate apartments. Residential parking is available within the site and satisfies current and future needs of the ancillary commercial ...
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