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TO: Mayor Richard C. Irvinl
FROM: Kelly O'Brien, President/CEO Invest Aurora
David Dibo, Director of Economic Development
DATE: August 13, 2024
SUBJECT:
Amendment to the Finish Line Grant Program ("FLG Program") as set forth in that certain Resolution No.[R24-0188] passed on May 28, 2024.
PURPOSE:
To broaden and clarify the eligibility requirements for the Finish Line Grant Program (FLG) to enable it to more efficiently fulfill its purpose to support local business, foster economic growth, and to enhance the quality of life in the City.
BACKGROUND:
Established in 2015, the FLG Program has historically helped to enhance the economic vitality of Aurora. Originally administered through Seize the Future Development Foundation d/b/a Invest Aurora ("Invest Aurora"), the FLG Program was transferred to the Mayor's Office of Economic Development in 2022. Pursuant to the May of 2024 Resolution, administration of the FLG Program was transferred back to Invest Aurora.
Invest Aurora immediately started working on implementing the FLG Program. Upon further review and implementation of the criteria and restrictions originally placed on the FLG Program and correspondence with prospective applicants, Invest Aurora determined certain restrictions set forth in the guidelines of the FLG Program limited the applicability of the grant as compared to earlier years of the program. Invest Aurora decided it was in the best interest of the FLG Program to approach the City Council with this resolution to propose an amended set of guidelines for the administration of the FLG Program
DISCUSSION:
To more effectively fulfill the intent of the FLG Program, Invest Aurora proposes the FLG Program be administered in accordance with the guidelines set forth on Attachment A (attached hereto). Below is a list of the key revisions these new guidelines would make to the FLG Program:
?While the program will continue to be weighted toward retail and restaurant businesses that generate s...
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