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TO: Mayor Richard C. Irvin
FROM: David Dibo Executive Director of Mayor's Office of Economic Development
Alessandro Minnella, Senior Planner with Mayor's Office of Economic
Development
DATE: May 13, 2024
SUBJECT:
A Resolution Authorizing the Execution of a Redevelopment Agreement (RDA) Providing for the Conveyance of City Owned Property Located at 7 South Broadway, a City Grant in the Amount of $413,547 and a Forgivable Loan in the Amount of $413,547 to Frontier Development, LLC Owned by Conrad and Curt Hurst, in Partnership with the Restaurateurs Chris and Mehgan Curren, Proprietors of Graceful Ordinary in St Charles.
PURPOSE:
To activate a long dormant property and increase its value with a combination of public and private investment while simultaneously adding a new sales tax producing restaurant as an anchor to the planned redevelopment of Broadway.
BACKGROUND:
The city purchased the 3,200 square foot one story building from Gary Brown about 6 years ago for $107,000.
Mr. Brown leased it back to operate his art gallery; he terminated his lease in 2023 for health-related reasons; the city has since leased a portion of the building to Mark Radina & Archetype-Stained Glass on a short-term basis generating minimal real estate taxes and will seek to assist Mr. Radina with his relocation.
The city has recently issued an RFQ for several city owned buildings along Broadway, (see Exhibit 3 attached). The Frontier/Graceful Ordinary team approached the city just before the RFQ was to be released. It was determined that having a restaurant developed by this team on the heels of their St. Charles success would help activate the RFQ and facilitate the re-imagination of Broadway.
Frontier is a multi-faceted real estate company that owns, operates, develops, constructs, and manages commercial, retail, and residential properties. The company has been developing large-scale residential and mixed-use developments in the Chicago area since 1992 and previously so...
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