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Aurora to redevelop former Wisconsin Avenue school into $50 million "Beacon" wellness hub; council approves deed changes and PILOT
Summary
Aurora Healthcare will invest about $50 million to convert the long-vacant 2708 West Wisconsin Avenue school into a neighborhood wellness hub called the Beacon. The Common Council committee approved termination/amendment of prior deed restrictions and a payment-in-lieu-of-taxes agreement that secures the city's property-tax share.
Aurora Healthcare plans to invest nearly $50 million to convert the long-vacant former Wisconsin Avenue school at 2708 W. Wisconsin Ave. into a community wellness and services center called the Beacon, city and Aurora representatives told the committee on March 18.
The redevelopment proposal, presented by Aurora and the Department of City Development, prompted the committee to approve a package of land-use changes: termination or amendment of deed restrictions tied to the site's 2017 sale and a payment-in-lieu-of-taxes (PILOT) agreement that will assure the city receives the city-share of property taxes if Aurora or its tenants qualify for tax-exempt status.
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