Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Finance committee approves $5 million seed for Invest Aurora 'transformation fund'
Summary
The Finance Committee voted 4-0 to allocate $5 million from a $16 million recapture tied to the CyrusOne transaction to seed a new 'transformation fund' housed with Invest Aurora. Staff described governance, oversight metrics and plans to grow the fund through private and grant funding.
The Aurora Finance Committee on Oct. 10 approved a $5 million allocation to seed a new transformation fund that will be administered through Invest Aurora as part of a consolidation of local business organizations.
City CFO Chris Minnick told members the money comes from a roughly $16 million recapture tied to a development agreement with CyrusOne: “The property did close and Cyrus 1 took ownership in July, and those funds were then transferred to the city…we have been holding on to the funds, in the amount of 16,000,000, since about July 4.” He described four proposed uses for the recaptured funds, including a $9 million revolving economic development fund, $1 million to augment historic preservation, $1 million for a façade program, and the $5 million transformation fund the committee considered.
Kelly O’Brien, president and CEO of Invest Aurora, outlined plans to consolidate Invest Aurora, Aurora Downtown, the Aurora Regional Chamber of Commerce and the Quad County African American Chamber into a single umbrella organization. She described a governance model with a 13‑member executive committee (five mayoral appointees plus two members from each of the four organizations) and a larger roughly 50‑member board drawn from existing entities. O’Brien said the organization will use outside consultants (the committee selected TIP Strategies) and will publish biannual updates and an annual report.
Committee members questioned the balance of board appointments and the continued identity and funding restrictions of subdivisions such as Aurora Downtown’s SSA‑1. One member said he had “a couple of questions and concerns” about board makeup and whether the smaller organizations would retain voice; staff responded that bylaws and operating agreements are being revised and that the larger board plus the executive committee create multiple checks.
Staff said Invest Aurora had opened a separate account to receive consolidation funds and that the $5 million transfer would occur upon council approval. After discussion, the committee moved to approve the resolution (24-0754); the motion carried 4-0.
The resolution directs city staff to allocate $5,000,000 from the CyrusOne-related recapture to seed the transformation fund and to proceed with the planned consolidation processes, including revised operating agreements and bylaw amendments to be returned to city council for approval.
