Aurora City Council delays vote on LaSalle development deal
By Stephanie Lulay firstname.lastname@example.org September 17, 2013 8:26PM
Jimi Allen poses for a portrait at the Gravity Building, a co-working space he plans to open this fall on LaSalle Street in Aurora. Stephanie Lulay, Sun-Times Media
Updated: October 20, 2013 7:24AM
AURORA — At the request of the developer, the city is holding a deal that would kick more than $450,000 toward a LaSalle Street development for two weeks.
Aurora Development Chief Bill Wiet said photographer Jimi Allen requested the city hold off on moving forward with the development deal. The deal would offset some costs associated with rehabbing the building into a co-working space on LaSalle Street, Wiet said Tuesday night.
Allen said he is negotiating financing terms with banks now.
“We’re really excited and we just want to come to City Council with a project that we can all be proud of,” Allen said.
The city aims to give $457,000 in tax increment financing funds to Aurora-based Jimi Allen Photography Inc. If approved by the full City Council, the $457,000 will reimburse Jimi Allen, an Aurora photographer, for the acquistion and renovation of 56-60 S. LaSalle St.
Funding would come from TIF District 1, and would represent about 30 percent of the project’s estimated total cost.
Under the deal, Allen seeks to renovate a vacant 16,000-square-foot building into a co-working space for start-up businesses and freelancers. Dedicated office space will be on the building’s second floor and events will be hosted on the building’s third floor.
Allen purchased the property in 2011 for $256,000.
The full City Council will next discuss the development deal Oct. 1.