Council approves redevelopment agreement for Aurora National Bank building with split vote

The Aurora City Council on Feb. 11 approved a resolution authorizing a redevelopment agreement with JH Real Estate Partners to renovate the property at 2 South Bridal, commonly known in the agenda as the Aurora National Bank Building. The motion was made by Alderman Smith and seconded by Alderman Franco; the measure passed by voice vote and roll call, 7 yes, 4 no.

Supporters said the project will put a long-vacant historic building back into productive use and attract more residents and businesses downtown. Mayor Richard C. Irvin and other proponents described the agreement as a “but‑for” incentive: the tax increment created by the project does not exist today and will be generated only if the developer completes the work. Marty Lyons of the mayor’s Office of Economic Development explained the TIF mechanics and said the deal is structured as a pay‑as‑you‑go TIF, meaning the developer gets increment revenues generated after the project is completed rather than an upfront payment.

Opponents focused on the city’s use of tax increment to subsidize private redevelopment and on the shifting away from a revenue‑sharing model. Alderman Maciakos said he supported the project’s goals but voted no to keep the issue on the council’s radar: “I’m not against the project. I want them to go forward but I’m gonna be a no vote just so that we keep this on top of mind,” he said. Developer representatives told the council they are committing significant private equity to the project; a partnership representative said the personal equity for one building in the package is “closer to a million dollars” and that margins are tight because of construction costs.

The resolution authorizes the mayor to enter into a redevelopment agreement and approves the use of incremental property tax revenues to support the project. The council recorded the vote as 7 in favor, 4 opposed. The agreement and project budget details will be part of the city’s redevelopment files and follow-up reporting by economic development staff.

The project is one of several downtown redevelopment items considered at the same meeting as part of a broader effort to rehabilitate vacant historic buildings and increase downtown housing supply. Pace and terms of construction were not specified in the council action; the developer and city staff will handle scheduling and permitting under standard procedures.