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TO: Mayor Richard C. Irvin
FROM: Bill Wiet, Chief Development Services Officer
DATE: October 16, 2017
SUBJECT:
To approve a commercial lease with the Fox Valley Music Foundation for the City-owned building at 19-21 South Broadway.
PURPOSE:
The purpose of the request is to fill a currently vacant building acquired by the City of Aurora in 2015 for future redevelopment purposes. The Fox Valley Music Foundation (FVMF) has found the size of the building's first floor a fitting location for a music venue, retail facility, museum, office and studio. The FVMF has also recognized the art and cultural synergy within the block and wishes to expand upon that synergy with the location they have chosen.
BACKGROUND:
The Fox Valley Music Foundation (FVMF) is a State of Illinois nonprofit corporation whose mission is to preserve, promote and protect the wonderful music of the Fox Valley area of Illinois while providing music education to people of all ages and from all walks of life. Accomplishments in its first 21 years have included the annual Blues on the Fox Festival, Blues week in Aurora, Blues on Water Street (Batavia), Blues and Roots on Water Street (Batavia), the Leland Bluebird Sessions record release concert at Copley Theater, workshops, history projects, and several other endeavors. The Board of Directors of the Foundation have more than 75 years of collective experience in furthering the mission of the corporation. The FVMF has yet to find a home, and have indicated that the art and roots of Blues in the Fox Valley are here in Aurora, and desire to make Aurora their home.
DISCUSSION:
Subject to approval of a redevelopment agreement, lease payments will be in the form of payment in lieu of property taxes that were being paid prior to the City acquiring the property. During the first year of the lease the Foundation will pay the equivalent taxes of both East Aurora School District 131 as well as Special Service Area #1 (Aurora Downtown). That collective ...
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