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TO: Mayor Richard C. Irvin
FROM: David Dibo, Director of Economic Development
DATE: November 17, 2020
SUBJECT:
A Resolution authorizing the execution of an exclusive listing agreement with JBSC, INC. D/B/A Caton Commercial Real Estate Group.
PURPOSE:
The purpose of this request is to formally engage a full service regional commercial real estate firm known blending a community focus with a wide range of professional contacts and experience
The impetus for hiring Caton is 1) To build on the momentum of recent downtown development by attracting new users/tenants into the core of the City that provide services and create interest for existing and new residential and office users and other visitors seeking to experience the downtown and its many offerings. 2) To fill vacant storefronts that are visually unattractive and create the impression of a less than vibrant local economy 3) To create synergies with other merchants so that patrons can look to the downtown for a "full service experience" 4) To generate revenues for the city though lease income and sale proceeds and resultant sales, food and beverage and property taxes and 5) To make a positive contribution to the local market economy that will enable rents and values to more closely reflect other healthy commercial markets. This will benefit property owners, tenants, and patrons by facilitating the economics of reinvesting in existing properties independent from any incentive that may or may not be available from City of Aurora.
BACKGROUND:
Invest Aurora began discussions with Caton about a year ago. Caton is community based, highly experienced, multifaceted real estate firm headquartered in Naperville. The company is very active in Aurora and is best known here for procuring Amy Morton's Stolp Island Social at the Paramount Art Center in a previous assignment. COA/IA has made it a priority to create productive uses in buildings owned by the city in the downtown while respecting assemblages that have...
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