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Aurora approves $13.8M Phase‑1 to stabilize ACA operations and advance City of Lights Center concept
Summary
Finance committee approved staff’s request to begin Phase 1 of a three‑phase financial sustainability plan for the Aurora Civic Center Authority, authorizing work toward issuing roughly $13.8 million in bonds to purchase a valet parking garage and reimburse ACA for existing project overages; staff said the plan underpins a proposed City of Lights Center and long‑term financial stability.
The City of Aurora’s Finance Committee on Aug. 29 approved a Phase 1 request to begin detailed work on a three‑phase plan intended to stabilize the Aurora Civic Center Authority’s (ACA) finances and advance planning for a proposed City of Lights Center.
City CFO Chris Minnick and Alex Alexander outlined a plan that uses asset acquisition and reimbursements to shore up ACA’s near‑term operations. Phase 1 would finance approximately $13.8 million in bonds to purchase a valet parking garage (staff cited a $10,000,000 appraised value), reimburse…
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