New Restaurant Row development agreement proposed with LaVia

By Stephanie Lulay slulay@stmedianetwork.com May 30, 2014 7:58PM

Restaurant Row in downtown Aurora is seen in February 2013. | File~Sun-Times Media

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AURORA With construction yet to begin on the project, Seize the Future will seek city approval to enter a new agreement with Restaurant Row developer Vernon LaVia.

Seize the Future is an economic development organization in Aurora.

The news comes more than a year after the city approved a $750,000 tax increment financing-backed deal with 5 Way LLC, concerning properties at 29, 31 and 33 W. New York St. in downtowns Restaurant Row. On Friday, Seize the Future CEO Dave Hulseberg said the new agreement is needed to get the project moving again.

Needed infrastructure upgrades has proved to be the biggest roadblock preventing LaVia from starting construction, said Hulseberg, whos now the citys point-man for the project. Under a new proposal, the city would take responsibility for clearing up lingering infrastructure issues, he said Friday.

The current LaVia TIF agreement passed by City Council in February 2013 has passed its expiration date, Hulseberg said. That agreement stated that the developer LaVia agreed to substantially complete the project within 12 months of acquiring the titles to all properties.

The project has not been completed. Hulseberg said he is negotiating in good faith with LaVia to get a revised agreement to redevelop the property in front of City Council soon.

Under the proposed revised agreement, Hulseberg said that 5 Way LLC, owned by LaVia, will receive $50,000 more in tax increment financing funds $800,000 instead of the $750,000 outlined in the current TIF agreement.

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New Restaurant Row development agreement proposed with LaVia