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TO: Mayor Richard C. Irvin
FROM: Elle Withall, Downtown Development Director
DATE: April 25, 2023
SUBJECT:
A resolution authorizing the Chief Financial Officer/City Treasurer to disburse payments of eligible businesses recommended for award as part of the City's Finish Line Grant and Re-Start Retention Grant programs as per attached Table I and Table II.
PURPOSE:
The purpose of both grants is to assist viable small businesses that have demonstrated a financial commitment to the City yet need funding generally not provided by banks and similar financial institutions.
BACKGROUND:
The City has two business assistance programs developed and administered by the Mayor's Office of Economic Development to retain and recruit businesses in the City of Aurora.
The Finish Line Grant is a long-standing reimbursement program that was made city-wide this year and provides the "last dollars" to complete a rehabilitation project. The program bolsters the long-term prospects of a business that might not otherwise have ready access to the final funds to complete the project. This is accomplished by reimbursing up to 20% of the verified costs for business improvements. The objective is for all monies to be utilized for capital improvements that reinvest into their properties and the City of Aurora as a whole.
The Re-Start Grant was conceived last year on the heels of the pandemic to assist small businesses that were suffering longer term financial impacts of the pandemic. While these impacts have subsided, the uncertain economic climate and rising interest rates cause the City to extend this program to worthy businesses. The funding is coming from the gaming tax and carried over from the general fund.
Both programs were marketed to the public through news coverage on Fox32, Channel 5, Channel 7 among others, through local newspapers including The Beacon, on social media and shared with our partners from Invest Aurora and the Aurora Area Hispanic Chamber of Commerce w...
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