The Aurora City Council has approved an amendment to the redevelopment deal for the Craft Urban restaurant planned for downtown that includes an increase in city incentives for the project.
Aldermen unanimously agreed to increase by $350,000 the incentives the city would put toward the restaurant and banquet facility project at 41 S. Stolp Ave.
It would bring the city’s incentive to about 50% of the value of the almost $2 million project, an unusual amount for such a deal, but one officials said was caused by the coronavirus pandemic.
The amendment will allow Bernie Laskowski, owner and developer of Craft Urban, which currently has a restaurant in downtown Geneva, to continue work renovating the old building with an eye to getting open in March 2022.
Laskowski purchased the building in 2019 with the intention of renovating it into another Craft Urban. Originally, Laskowski and the city struck a redevelopment agreement that had the city loaning the developer $600,000, to be paid back over 10 years from restaurant proceeds.
But things went on hold during the pandemic in 2020, and Laskowski had to spend money just to keep his restaurant in Geneva afloat.
With the new deal, the city still will loan Laskowski the $600,000, but he will pay it back over 15 years instead of 10. The city will also grant him another $350,000, money the city is hoping to be able to get from federal American Recovery Act funds.
One of the reasons for the increase is that Laskowski’s redevelopment costs almost doubled, from an estimated $725,000 to about $1.34 million.
City officials even requested Laskowski to get other construction bids, and they all came in about the same, said Martin Lyons, the city’s former chief financial officer who is now a consultant for the economic development office on the Craft Urban deal.
Laskowski is adding about $425,000 more money into the redevelopment costs as well, city officials said.
