By Jason Crane
Eight individuals expressed concern to the Aurora city government Committee of the Whole (COW) Tuesday this week regarding a proposed annexation agreement near their homes which could include a warehouse with 37 truck docks.
The proposed annexation agreement of 4.84 acres at the northwest corner of Sunrise Road and Meridian Road includes provisions that upon acquisition by petitioner LPC Ferry Road I, LP (LPC), the property will be annexed and rezoned to PDD (planned development district) as part of the Butterfield Planned Development which includes the future development of a 270,934 square foot warehouse in unincorporated DuPage County.
Thirty-seven truck docks and 51 truck spaces would face Frieder Lane and 261 automobile parking spaces would be on the border of Ferry Road and Meridian Road.
At the meeting, Council members were notified the developers had agreed to move the entrance 150 feet north. It is the same property owned by Old Dominion Freight Line which proposed in 2016 to build a truck depot development and eventually withdrew its bid and built a truck depot in neighboring Montgomery in 2017.
The agenda item was placed on unfinished business due to a required public hearing but could be approved at the full City Council meeting January 25.
• Council members are considering a Resolution authorizing the execution of two development agreements that allows for the conveyance of the Todd School (100 Oak Avenue) and the Lincoln School (631 South Lake Street) to Visionary Ventures NFP Corporation and sets forth other terms regarding redevelopment of these shuttered schools with affordable housing and a public health facility to include approval of $2,900,000 of Federally Funded Home Investment Partnerships Funds (HOME) and $600,000 of Community Block Grant (CBDG) Funds to Support These Projects. The name listed is Fox Valley Apartments, affordable workforce housing.
City government of Aurora documents show after taking title to both schools, subject to an IGA with School District 129 that was previously authorized in December 2020, the city government is seeking to donate these schools to Visionary Ventures for the purpose of facilitating the construction of 47 new affordable units and a new public health-care facility or another social service agency, charitable organization, health-related facility or similar use not operated for pecuniary profit, “Healthcare Facility”; for the exclusive use of residents of the District with school-age children.
Visionary Ventures NFP Corporation is a nonprofit organization which has a mission to bring affordable housing, economic development, and services to Native Americans and other underserved populations and communities. The company is led by Shelly Tucciatelli, a longtime industry professional with more than 20 years of experience in management, training, administration, and development of affordable housing and community development.
Supporting partners are Cordogan Clark, the Aurora-based architectural, engineering, interiors, planning and construction firm and MR Consulting Services, whose majority principal is Michael Poulakidas; the company provides asset management, marketing, contracting and construction management services for its own and third-party projects.
Visionary Ventures is planning to deliver a mix of studio, one, two- and three-bedroom units, totaling 47 units in three buildings, and approximately 5,000 square feet for the construction of a public health facility which will provide community benefits in the form of free and subsidized care, and community-based initiatives for the exclusive use of residents of the District with school-age children. The company intends to make use of federal and historic tax credits to finance this redevelopment in addition to credit allocations that have been conditionally approved by the Illinois Housing Development Authority (IDHA).
Todd School was built in 1934, northwest of downtown Aurora and sits on 1.12 acres. The currently-vacant school building would be redeveloped to accommodate 11 units on two stories. Its interior still features Works Progress Administration (WPA) murals and sculptures that will be preserved.
Lincoln School was built in 1892 on the southwest side of Aurora and sits on 2.69 acres. The property would contain 36 units, including 14 in the existing building and 22 in a newly-constructed building.
Affordability is defined by HUD in terms of the percentage of the “median family income” (MFI) within a defined geographic area; Aurora is included in the Chicagoland region to determine affordable rent and income limits.
In general approximately 30% of the units (17) to be delivered will be reserved for individuals or families that earn 30% of the median family income ($27,950 for a family of four) and about 70% of the units would be rented to individuals or families that earn 60% ($55,920 for a family of four) of the area median family income. Qualified tenants will earn in the range of $15,900-$63,000 annually.
The range of rents is from approximately $423 per month to $1,284 per month with the average rent approximately $968 per month. The rental population would come primarily from existing Aurora residents with five units designated for tenants that come from the Statewide Referral Network (SRN). SRN units are targeted for households earning at or below 30% of the median income with a head of household who has a disability or illness, including, but not limited to, a physical, developmental substance abuse disorder, HIV / AIDS, or is homeless or at risk of homelessness.
The city government would provide $2,900,000 in HOME Investment Partnerships funding in the form of a 30-year forgivable loan for the affordable housing component of this development. Visionary Ventures will not be required to make annual payments and if all terms of the agreement are met, the loan will be forgiven in its entirety 30 years from the date of project completion. The loan would be secured by a signed development agreement, mortgage, note, and land use restriction agreement as required by the regulations of the HOME Program. The project’s Development Agreement is included.
The city government would provide $600,000 in CDBG funding in the form of a five-year forgivable loan for the public health facility component of this development, which facility would be transferred to the School District upon completion. Neither Visionary Ventures nor the School District will be required to make annual payments and if all terms of the agreement are met, the loan will be forgiven in its entirety five years from the date of project completion. The loan would be secured by a signed Development Agreement, mortgage, and note as required by the regulations of the CDBG Program.
The total developer request from the city government is $3.5 million in gap financing to complete this development.