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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 5, 2016
SUBJECT:
To amend the agreement between the City of Aurora and Seize the Future Development Foundation (Invest Aurora) to continue providing economic development services.
PURPOSE:
To add what amounts to an additional three years to the current agreement. The current agreement is up mid-June 2018, and a five year extension is being recommended to begin upon approval in mid-2016.
BACKGROUND:
In 2013 The City of Aurora expanded the services of Invest Aurora to include many of the functions previously performed by the Aurora Economic Development Commission (AEDC). The agreement will be approaching the second of the three one year renewals at an annual cost of $637,000. The attached memo from Dave Hulseberg, President/CEO of Invest Aurora discusses the request in further detail.
DISCUSSION:
Invest Aurora has accomplished much in the first three years of their operation, going above and beyond what is contained in the current agreement. As explained in the Invest Aurora memo, this amendment provides public assurance that these services will continue. Also, this extension has been recommended by the Invest Aurora Board of Directors.
IMPACT STATEMENT:
There will be a slight increase in the annual grant from $637,000 to $650,000 with 3% annual increases, but overall the extension will have a positive impact on the City and its residents.
RECOMMENDATIONS:
It is recommended that the extension be approved
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Approving An Amendment to the Agreement with Seize the Future Development Foundation to Provide Funding for Economic Development Activities and Services
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WHEREAS, the City of Aurora has a population of more than...
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