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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 19, 2014
SUBJECT:
To request approval of an annual grant to Seize the Future Development Foundation (STFDF) for a new downtown grant program. The program is to be called the Finish Line Downtown Grant Program, and will be administered by STFDF. The annual funding amount for this rehabilitation program is $500,000.
PURPOSE:
In 2013 The City and Seize the Future Development Foundation created a public private partnership in which STFDF will perform all the economic development functions for the City. Resolution R13-182 provided the framework for the partnership, including the funding of the expanded organization. The STFDF is also tasked with developing incentive programs for the purpose of commercial revitalization throughout the City of Aurora.
BACKGROUND:
The goal of the new rehab program is to create a streamlined, simple and quick process to aid in economic development downtown. Whereas most of downtown falls within Tax Increment Financing District (TIF) #1, a portion of TIF 3 (River City), will be included in the program. The program description indicates that $500,000 from the two TIF Districts listed above will be granted to STFDF annually for implementing the program. The program will provide up to 20% of the total project costs to any one project in an incentive amount not to exceed $75,000. STFDF hopes to undertake 8 projects annually but the number will depend on the project needs. STFDF will review each project on its own merits, with the intent to provide first floor commercial development with residential above.
DISCUSSION:
This proposed program continues a move to streamline the economic development process. Funding will come exclusively from Tax Increment Financing in TIFs 1 and 3. A budget line item will be created for this program where funds can be allocated annually. All funds will be spent in accordance with the TIF Act, a...
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