.er
TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director
DATE: January 14, 2020
SUBJECT:
A resolution authorizing an investment of $200,000 by the City of Aurora in Stolp Island Social, the recently opened restaurant within the Paramount Arts Center. The restaurant is owned and managed by Amy Morton, (or entities s controlled by her) the successful and veteran entrepreneur with deep roots in the business, who currently owns and operates three a number of well received food and beverage venues in the Chicagoland market.
BACKGROUND:
A lynchpin of the redevelopment of the vacated Wabaunsee College building was attracting an experienced and well regarded restaurateur as the ground floor anchor tenant. Through the vision, perseverance and hard work of many, the historic renovation was completed and has become a model of creative public/private partnership. Amy Morton, daughter of the renowned founder of the steakhouses that bear the family name, is an innovative proprietor of three of her own food and beverage establishments all celebrated for their warmth, food quality and design coupled with a core social vision that seeks to enhance the communities in which she operates. Amy signed on and opened the already well reviewed restaurant in the last fall of 2019.
A comprehensive financing for the entire redevelopment was put in place that included a number of layers of financing including various public related investment in grants or loan programs. These included:
1) A Section 108 Federal Loan - $3,000,000
2) A Loan from Aurora Township/CDAP $ 500,000
3) A Grant/forgivable loan from CDBG $ 700,000
4) A Grant from Home Funds $ 600,000
5) A Grant from TIF #1 $ 500,000
6) A grant of $100,000 for restaurant from City $ 100,000
7) A grant from the Gaming Fund $ 150,000
TOTAL $5,550,000
The above calculation is not identical to that which was provided under Resolution 17-133, which is attached. That Resolution p...
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