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TO: Mayor Richard C Irvin
FROM: Chris Minick, Chief Financial Officer
DATE: January 6, 2022
SUBJECT:
A Resolution Authorizing the Chief Financial Officer to Release funds in the amount of $351,031.76 to Seize the Future Development Foundation (dba Invest Aurora) for Finish Line Grant Program funding commitments and authorizing a budget amendment to TIF 1 to Effectuate the Transfer.
PURPOSE:
The Purpose of this request is to authorize the release of previously budgeted funds for the Finish Line Grant Program. The release of these funds will satisfy the City's commitment to funding the Finish Line Grant program which is administered by Invest Aurora, allowing Invest Aurora to honor its existing commitments and to evaluate future Finish Line Grant funding requests as they are received.
BACKGROUND:
The Finish Line Grant Program has been a success in rehabilitating the downtown's older building stock and occupying, in some cases, buildings that have sat vacant for years. The program has filled funding gaps that but for the use of Finish Line Grant Funds projects may not have been undertaken. During 2020 and 2021 the City budgeted its customary budget allotment to the Finish Line Grant program, but made no contributions to the program. This action was taken in response to concerns of a significant revenue disruption because of the COVID emergency. Funds sufficient to alleviate the current shortfall and provide additional resources for the Finish Line Grant Program were budgeted for Fiscal Years 2020 and 2021. Funding for this grant program has historically been allocated via TIF 1 and TIF 3.
DISCUSSION:
Invest Aurora has approved funding allocations for various redevelopment projects, including key development projects such as the Keystone and Terminal Building projects in the City's downtown. Currently, Invest Aurora has funding commitments and additional funding requests in the amount of $645,000 and has approximately $294,000 on hand in the Finish Li...
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