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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director
DATE: October 22, 2019
SUBJECT:
A Resolution requesting the approval of a Redevelopment Agreement (RDA) between the City of Aurora (COA) and Fox Valley Developers LLC (FVD) that will facilitate execution of a redevelopment plan to rebuild and tenant the Old Copley Hospital (502 S. Lincoln Avenue, 301 Weston Avenue and 310 Seminary Avenue) referenced in the RDA as Avalon Heights. Elements of the renewed campus will be branded and marketed by FVD in the months ahead.
PURPOSE:
Fox Valley Developer's innovative living community is planned with multiple uses that intend to serve two underrepresented populations: 1. seniors and 2. individuals with intellectual or developmental disabilities (I/DD) who are high functioning and have low support needs [known as an independent apartment community (IAC)]. Additionally, to address the identified shortage of recreation and access to health care in the area, areas of the renewed campus have been dedicated to those purposes. Approval of the RDA will cause an adaptive reuse of the entire former Copley Hospital campus, with the development of new additional parkland and open space, and a new structure to accommodate the relocation of the East Aurora School District 131 Administrative Center. But for the public/private partnership that has been proposed, the comprehensive redevelopment would not occur. Approval by Council will enable FVD to access TIF and other COA incentives, in addition to the substantial equity advances and committed third-party financings. The Phase II development cost estimate is $110 million. The COA commitment during Phase II will be $9 million which will be divided into layers or tranches described below. In addition the incentive includes a "pay-as-you-go" TIF that initially divides the incremental property taxes at 80% FVD and 20% COA, and then to 70%/30% respectively after Jan 1, 2033. As noted, this project will also result in t...
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