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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 5, 2015
SUBJECT:
To request approval of the First Amendment to Seize the Future Development Foundation (STFDF) Finish Line Downtown Grant Program, This First Amendment changes the funding ratios from the initial amounts pursuant to Resolution R14-152.
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 Finish Line Grant 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), was included in the program. The program provides $500,000 from the two TIF Districts listed above for implementing the program. The program originally provided up to 20% of the total project costs to any one project in an incentive amount not to exceed $75,000.
DISCUSSION:
This program continues a move to streamline the economic development process. The 20% maximum adheres to generally accepted standards for incentives, however, based upon the categorized funding limits, it was determined by STFDF over the past year that for the smaller project amounts, a larger percentage of Finish Line funds seemed more appropriate in meeting redevelopment goals. Therefore, it is recommended to modify the percentages based upon the amount of the total project costs. For projects up to $10,000, Finish Line will provide a 50% match. For projects up to $25,000, it will be a 40% match, for a maximum of $50,000 there will ...
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