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Aurora approves $3 million seed for new regional economic alliance after amendment
Summary
The Aurora City Council approved a $3 million first tranche to seed a consolidated Aurora Regional Economic Alliance (formerly Invest Aurora/Elevate Aurora) after amending an original $5 million request. Council members pressed for phased funding, regular reporting and safeguards before additional money is released.
The Aurora City Council on Oct. 22 approved a $3 million startup allocation to support a newly consolidated regional economic alliance, following hours of presentations and debate over oversight and timing.
City staff and business leaders told the council the $16 million available for economic development originated from a negotiated payment tied to a previous CyrusOne data‑center deal and is not general tax revenue. Chief Management Officer Alex Alexandru said $9 million is proposed for the city’s economic development office, $5 million was requested to seed the new Aurora Regional Economic Alliance/Elevate Aurora, $1 million for historic preservation and $1 million for a facelift program for small businesses. “This was negotiated as part of that deal,” Alexandru said of the $16,000,000.
Kelly O’Brien, the new Invest Aurora president and CEO, outlined the consolidation…
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