Michael Pegues, chief information officer for the city of Aurora government, expresses the need to establish a Smart City Advisory Council at the Aurora City Council meeting Tuesday. City officials hope to utilize a strategic plan for technology. The plan can be viewed at SmartAurora.com.
Unanimously approved were three agreements for the following properties to be redeveloped: 2 N. Broadway, the “Terminal Building”, 30 S. Stolp Ave., the “Keystone Building”, and 43 E. Galena Ave., the “Vargas Building.
Jason Crane/The Voice
The following resolutions were approved:
A Resolution Approving a Law Enforcement Mutual Aid Agreement between the City of Aurora and the City of Elgin. In the event that Aurora or Elgin needs assistance to handle a situation that requires additional police assistance, each department will be able to contact the other department for help. The agreement outlines the responsibilities and the liabilities each party has.
Requesting a discussion for an upcoming grant submittal to the State of Illinois to improve accessibility for disabled patrons at RiverEdge Park. The Promotion of Illinois Tourism grant would create more parking for handicapped concert-goers, and provide ADA-accessible golf cars to transport these patrons from the parking lot to the concert venue.
A Resolution of the City of Aurora Pledging to the Global Covenant of Mayors for Climate & Energy to Reduce Emissions and Adapt to Climate Change in a Consistent and Complimentary Manner to National Level Climate Protection Efforts. The agreement would authorize the acceptance of the Global Covenant of Mayors pledge to achieve an emissions reduction target.
A Resolution authorizing the execution of a Redevelopment Agreement with UEP Aurora, LLC to facilitate the redevelopment of certain real property located at 2 N Broadway in the City of Aurora, commonly known as the “Terminal Building.”
A Resolution authorizing the execution of a Redevelopment Agreement with UEP Keystone, LLC to facilitate the redevelopment of certain real property located at 30 S Stolp Ave. in the City of Aurora, commonly known as the “Keystone Building.”
A Resolution authorizing the execution of a Real Estate Purchase and Development Agreement with Mora Asian Fusion Bolingbrook, LLC to facilitate the redevelopment of certain real property located at 43 E Galena Ave. in the City of Aurora, commonly known as the “Vargas Building.”.
•Notes from the City of Aurora website:
A Resolution authorizing the execution of a Redevelopment Agreement with Aurora Town Center Associates, LLC to facilitate the redevelopment of certain real property located adjacent to the intersection of Ogden Ave. and 75th St. in the City of Aurora.
Cedarwood has an option to purchase the land from Old Second Bank. The City has been working with Cedarwood to frame a development plan that will not only generate sufficient revenues to justify the extension of Commons Drive, but contemplates certain reasonable zoning variances, (while not applied for or approved), will facilitate economically feasible development.
The requirement for the property to provide for the construction/extension of Commons Drive has created a burden on the property that has prevented development to date. The developer initially requested the use of Tax Increment Financing (TIF) to provide them with a direct source to complete Commons Drive as well as complete required storm water improvements on and around the site. The format of this request would have captured the entire tax increment for the life of the TIF, which the City declined to provide.
The Cedarwood development proposal provides an excellent utilization of this site as a transition from the retail commercial area to the north and the residential areas to the south and west. This proposal is also sensitive to the goals of School District 204 for providing increased equalized assessed valuation without bringing in additional student populations. As noted above, the requirement and demonstrated need to provide better transportation in the area through the extension of Commons Drive has prohibited the development of the site over the past two decades. The extension of this road will provide an area-wide benefit as well as giving access to the far west parcels once the site is subdivided.
It is estimated that the design and construction of the Commons Drive extension will be $7.1 million. Based on the value of Phase I and Phase II of this development, staff estimates that the tax increment produced from this total development will be approximately $1.0 million. This will provide sufficient funding for the complete construction of the road, a required coverage ratio if the City elects to do revenue bonds instead of General Obligation Bonds and further revenues for future development or distribution of funds to taxing bodies. A complete description of this analysis will be provide in the near future when the City reviews the approval of a TIF for this site. Execution of this RDA will be contingent upon the approval of a TIF.
Jason Crane/The Voice