02/13/2015

By: Brittany Flaherty Theis

In December 2014, the City of Aurora approved a redevelopment agreement regarding three properties in the City’s Downtown TIF district, all on historic Stolp Island. The former Elks Club Building at Stolp Avenue and Benton Street, Fox Island Place (the former Leland Towers) at Stolp Avenue and Galena Boulevard, and the Graham Building on Stolp Avenue are all included in the agreement. The agreement included property tax incentives designed to induce the redevelopment and maintenance of these historic properties, including the developer’s investment of over $2 million to acquire, renovate, and rehabilitate the former Elks Club Building. The agreement also provides for the future maintenance of all three buildings in conformance with the City’s property standards and maintenance codes.

The Elks Club building is on the National Register of Historic Places. The developer will invest $2.3 million into the acquisition and renovation of the building, while preserving the Mayan-style architecture. It will be renovating between 25 and 29 apartments inside the building and adding a restaurant with an outdoor patio. The project is scheduled to be completed within 450 days of the closing.

Whitt Law partner Josh Whitt represented the City of Aurora in negotiating and executing the redevelopment agreement, while partner Rick Petesch represented the City in the closing for the sale of the Elks Club Building. If you have questions regarding this agreement, ways to encourage development in the corporate boundaries of your unit of local government, or need assistance closing on the sale of large, complex properties, please feel free to contact Stuart Whitt, Rick Petesch, or Josh Whitt.

This blog/website is made available for educational purposes only. It is not intended to provide specific legal advice to your individual circumstances or legal questions. You acknowledge that your reading of this blog site does not establish an attorney-client relationship between you and the blog/website host or the law firm, or any of the attorneys with whom the host is affiliated. This blog/website should not be used as a substitute for seeking competent legal advice from a licensed professional attorney in your state. Readers of this information should not act upon any information contained on this website without seeking professional counsel.