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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director
DATE: February 22, 2019
SUBJECT:
Resolution authorizing a Redevelopment Agreement (RDA) between the City of Aurora and 80 S. River LLC, for the redevelopment of the former West Aurora School District Administration Building located at 80 S. River Street.
PURPOSE:
To promote the continued revitalization of the downtown, the Economic Development Division recommends the approval of the Redevelopment Agreement 80 S. River LLC plans to redevelop the property with market rate apartments and with offices and some auxiliary retail on the ground floor.
Housing, specifically market rate housing coupled with a strong office component is a dynamic combination that addresses the City's goals of having more economic activity and vitality in the downtown during the day to support existing services and inducing new ones, and to bolster this demand/new supply cycle in the evening and weekends, together, creating an urban sensibility that in turn will attract new residential and commercial users to repeat and strengthen this cycles. Property values rise that further incents developers to take risks on projects that previously were deemed unfeasible. This project will further substantiate the desirability of the immediate River Street and adjacent emerging Loft District as it joins other forward thinking projects including the Santori Library and River Street Plaza.
Impacts to School District 129 should be minimal given the millennial dominated market for the residential units; a portion of the incremental real estate taxes will be made available to the school district. The redevelopment of the former West Aurora School District administration building is consistent with the goals of the City's downtown Master Plan approved November 2017 and the recently completed downtown housing study.
BACKGROUND:
The former West Aurora School District Administration building is a two-story building with approximately ...
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