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TO: Mayor Richard C. Irvin
FROM: David Dibo Executive Director of Mayor's Office of Economic Development
DATE: June 10, 2024
SUBJECT:
A Resolution Authorizing the approval of a Development Agreement between the City and C1 Chicago Aurora LLC providing reimbursement for public improvements that benefit the property located at 2725 Bilter Road.
PURPOSE:
To (a) reimburse the city for funds expended for public improvements, and (b) provide for the payment of a public works development impact fee in connection with the CI development pending approval by the City Council.
BACKGROUND:
In 2008, the city, working closely with the Illinois Department of Transportation (IDOT) agreed to contribute substantial funds to facilitate the development of a new interchange on I-88. The goal was to induce new economic development. The contemplated development activity did not take place. In the meantime, the I-88 corridor began to attract more technology-oriented businesses. C1 Chicago Aurora, LLC, an affiliate of Cyrus One, is seeking Council approval to build a state-of-the-art data center at this location.
DISCUSSION:
The Agreement calls for C1 to reimburse the city for expenditures made in anticipation of the economic development which will not now take place, along with the time value of those expenditures.
IMPACT STATEMENT:
Approving the RDA will facilitate the development of a long vacant site, reimburse the city for expended funds, create incremental real estate and utility taxes, and create new well-paying job opportunities.
RECOMMENDATIONS:
Staff recommends the approval of the Development Agreement.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Authorizing the approval of a Development Agreement between the City and C1 Chicago Aurora LLC providing reimbursement for public improvements that benefit the property located at 2725 Bilter Road.
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WHEREAS, the City of Aurora has...
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