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Council approves loan and redevelopment amendment for 2 North Broadway restaurant project
Summary
Aurora approved a loan agreement with restaurateur Jamie Gilmore and a third amendment to the redevelopment agreement with Urban Equity Properties to facilitate a restaurant fit-out at 2 North Broadway. Council members pressed for floor plans and noted developer responsibility for cost overruns; vote was 12-0.
The Aurora City Council on March 11 approved a loan agreement with applicant Jamie Gilmore and a third amendment to the redevelopment agreement with Urban Equity Properties to support redevelopment of ground-floor commercial space at 2 North Broadway in downtown Aurora.
Council consideration centered on a $900,000 construction budget presented by the developer and on whether that figure would be sufficient for the build-out. City staff described financial review of applicant records; Chris Minnick, the city's chief financial officer and treasurer, said staff reviewed bank statements, tax returns and financial statements and concluded both borrowers had the ability to meet loan obligations.
"Those did reflect a capability and an ability for both borrowers to pay back the loans to the city that are contemplated in the agreements this evening," Minnick said.
Prospective tenant Jamie Gilmore described her restaurant experience and business model, saying she currently operates a counter-service business in Fulton Market and expects an average entre9e price of $15 to $17 (about $35 per person with a cocktail). "I'm looking to offer a family-friendly environment and also a space for event rentals... I'm looking forward to partnering in the area that I live," Gilmore said.
Several council members, including an architect on the dais, said $900,000 is "conservative" for the proposed fit-out and warned the design could require additional funds; the council and staff clarified the developer would be responsible for any cost overruns. The redevelopment agreement specifies Urban Equity Partners as owner and general contractor for project control.
The council approved the resolution (250182) by roll call, 12-0. The loan is structured as a city loan and not a forgivable grant; city staff and the developer will complete final loan documents and scope-of-work details before construction begins.
