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TO: Mayor Richard C. Irvin
FROM: David Dibo, Director of Economic Development
DATE: February 8, 2019
SUBJECT:
A Resolution authorizing the execution of a Real Estate Purchase and Development Agreement with Mora Asian Fusion Bolingbrook, LLC to facilitate the redevelopment of certain real property located at 43 E Galena Ave. in the City of Aurora, commonly known as the "Vargas Building."
PURPOSE:
To promote the continued revitalization of the downtown, the Economic Development Division recommends the approval of the Real Estate Purchase and Development Agreement between the City of Aurora and Mora Asian Fusion. Mora plans to open a restaurant similar to the three Asian fusion restaurants they are currently operating in Plainfield, Bolingbrook and Oak Park on the ground floor of the Vargas building. A second food and beverage concept on the upper floor is also being discussed and possibly a third concept on the lower level, should that be deemed feasible. (City Staff and representatives from Mora have had discussions regarding the importance of floodway determination, and floodway elevation to ensure flood proofing in the lower level which will impact the usability of this space).
BACKGROUND:
New restaurants in the downtown have been a long sought-out goal of the City, its residents and the rapidly increasing number of visitors that have been attracted to the City's more popular destinations (Paramount, RiverEdge Park, etc.). Restaurants support a population living, working or visiting a city that in turn adds to an environment that encourages more of the same. A restaurant at Vargas will help break the chicken and egg pattern of residential development, stymied until the availability of the services that will attract tenants and restaurant owners, who insist on foot traffic before investing.
Jason Morales, Principal of Mora, was attracted to Vargas for its river front location and proximity to the Paramount. After the building was vacated by its prev...
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