City postpones discussion on LaSalle Street development
BY STEPHANIE LULAY firstname.lastname@example.org October 2, 2013 1:30PM
Updated: November 5, 2013 6:09AM
AURORA — Again at the developer’s request, the city is holding off on a deal that would kick more than $450,000 toward a LaSalle Street co-working development.
Instead, aldermen will discuss the issue in two weeks.
Aurora Development Chief Bill Wiet said Tuesday night that photographer Jimi Allen again requested the city hold off on moving forward with the development deal.
Plans for the building’s exterior facade are scheduled for design review by the Preservation Committee next week, Wiet said.
Allen said he is negotiating financing terms with banks now.
The city aims to give $457,000 in tax increment financing funds to Jimi Allen Photography Inc. If approved by the full City Council, the dollars will reimburse Allen for the acquisition and renovation of 56-60 South LaSalle Street.
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.
Council also opted to hold the development deal at their Sept. 17 meeting.