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TO: Mayor Richard C. Irvin
FROM: Alderman Ted Mesiacos, Ward 3
DATE: September 26, 2023
SUBJECT:
A Resolution authorizing a two-year grant program in the amount of $75,000.00 per year in partnership with Invest Aurora for the Ward 3 Fa?ade and Site Improvement Grant Program.
PURPOSE:
To will support and encourage business property owners and tenants in Ward 3 to re-invest in and renovate their buildings and properties. The City of Aurora's Ward 3 Fa?ade and site improvement Grant Program is intended to encourage business property owners and tenants in Ward 3 to re-invest and renovate their buildings and properties.
BACKGROUND:
This program was established in 2022 to assist small businesses to update, repair and maintain their buildings and properties. Eligible rehabilitation projects must be commercial or mixed-use properties within Ward 3 municipal boundaries.
DISCUSSION:
Reimbursements will be made from the Ward 3 grant account, 313-1004-411.50-80 where $75,000.00 will be earmarked for this program. The grant reimburses 50 percent of the total rehabilitation cost, but not to exceed $25,000.00 in grant funds. The minimum overall project cost must be of $5,000.00.
Invest Aurora's Grant Committee will review each proposal upon receipt of a completed application. The project must be completed 180 days from the receipt of the Commitment Letter.
Grants will be approved on a first-come first-serve basis until Ward 3 grant funds have depleted for the calendar year. Grants are disbursed as reimbursements after the project is complete, all contractors have been paid and signed lien waivers, and a Certificate of Occupancy is obtained from the City of Aurora.
IMPACT STATEMENT:
Approval of the program will encourage and support business property owners and tenants to improve their buildings and properties to enhance the appearance of surrounding neighborhoods.
RECOMMENDATIONS:
Approve the Invest Aurora and Ward 3 Fa?ade and Site Improvement Grant Program.
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