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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: June 3, 2021
SUBJECT:
A Resolution to extend the agreement between the City of Aurora and Seize the Future, doing business as Invest Aurora for a period 3 months from July 1, 2021 to September 30, 2021.
PURPOSE:
The City of Aurora (Mayor's Office of Economic Development (MOED) and Invest Aurora (IA) are working to align activities for the coming years. Due to COVID 19, American Rescue Plan Act (ARPA), and related issues that have brough more data and opportunity for both agencies, an extension of the current agreement will allow a renewal in the coming months that outlines both City and Invest Aurora plans more fully.
BACKGROUND:
Resolution R16-162 provided for the last extension of the relationship between the City of Aurora and Invest Aurora. This resolution provided for a three year agreement with two extensions and will expire on June 30, 2021. The City and Invest Aurora have a mutually beneficial relationship that is recommended to be continued for a similar three year commitment with extensions.
DISCUSSION:
The City and Invest Aurora continue to improve the City of Aurora economy through the cooperation on such projects as the Old Copley Hospital renovation and the Stable business relief fund. Moving forward, with further federal funds available and a growing economy MOED and IA are developing new plans and programs. Unfortunately, the timing of ARPA guidelines has made it difficult to determine eligible funding for economic development activities to also meet renewal of the IA agreement. Given that ARPA funding can be used through the end of 2024, it is quite probable that the City/IA could have programmatic expenses associated with ARPA funding and this has yet to be finalized.
The extension the City/IA agreement is intended only to provide the quarterly payment to IA for operating purposes which is set at $164,864 for 2021.
IMPACT S...
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