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Council approves redevelopment of Franz Building and adjacent lot after debate on school tax impacts
Summary
The Aurora City Council approved a redevelopment agreement for 62 South Bridal (the Franz Building) and a vacant lot at 66 South Broadway; discussion focused on assessed value, potential school‑age tenants and how tax increment would be redistributed.
The Aurora City Council on Feb. 11 voted to approve a redevelopment agreement with JH Real Estate Partners for the Franz Building at 62 South Bridal and the adjacent vacant lot. The motion passed by roll call; the final tally was recorded as 9 yes, 2 no.
Council discussion centered on how the city’s ownership of the property affects the existing assessed value and how any resulting tax increment would be shared with taxing bodies if the redevelopment generates school‑age children. Alderman Lash asked staff to clarify the implications of the city previously owning the building and whether the existing assessed value is effectively zero. Marty Lyons of the mayor’s Office of Economic Development said the assessed value on the Franz Building was very low (in staff’s description it was “about $100,000”) and that projected increment from the proposed redevelopment would be modest; Lyons also explained the redistribution mechanism if the project yields school‑age units.
Developers told the council they were investing private capital to make a small multifamily project feasible. A representative for the developer said the project is tight on margins and that the units are mostly studios and one‑bedrooms, saying the development “is not conducive usually to families with school‑aged children.” City staff said the TIF arrangement is a pay‑as‑you‑go structure with no upfront city cash and that the agreement contains provisions to redistribute increment to school districts proportional to any school‑age units that materialize.
Supporters said redeveloping derelict downtown properties will bring residents and businesses back to the city core; some council members expressed skepticism about continuing to rely on incentives but ultimately voted to approve the agreement so the project could proceed. The council instructed economic development staff to finalize the redevelopment agreement and report back on the project schedule and projected increment distribution.
