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Aurora committee approves $5.75 million increase to downtown redevelopment deal after costly site cleanup
Summary
The finance committee approved a third amendment to the redevelopment agreement for 100 North Broadway, increasing the city's participation by roughly $5.75 million to cover higher construction and verified environmental remediation costs; developers said the project remains underway.
The Aurora Finance Committee on Monday moved forward with a third amendment to the redevelopment agreement for 100 North Broadway that raises the city's commitment from about $6.84 million to $12.59 million, an increase of roughly $5.75 million intended to help close a financing gap created by higher construction costs and unexpectedly extensive site remediation.
City officials and the project team told the committee the developer has already invested into the project and that the additional city funds respond to documented changes found once excavation began. "It's an increase in the city's participation from the original approval ... to 12,590,500 or an additional $5,750,000," Speaker 11 told the committee during the presentation.
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