‘Investing in ourselves’: Aurora backs $13.8 million in bonds to support downtown theaters
Aurora City Council members Tuesday backed a $13.8 million bond issue to help keep the Aurora Civic Center Authority afloat.
The vote is the first in a three-phase plan that could ultimately result in the construction of a 4,000-seat theater in the downtown district. ACCA officials say the larger theater will help attract bigger-name acts and eventually close a funding gap.
“I’m glad to have this first phase wrapped,” said Tim Rater, president and CEO of ACCA. “I feel very encouraged by the support.”
In late August, Rater and city officials provided council members with an overview of a three-phase plan to attract larger acts and support ACCA’s other operations, including the Paramount, Copley and Stolp Island theaters and RiverEdge Park.
The $13.8 million bond issue, which was approved in a 9-2 vote, includes $10 million to buy the valet parking garage on New York Street from ACCA. Another $3.8 million will reimburse ACCA for construction costs at Stolp Island Theater and for improvements to the riverwalk promenade.
Early next year, city officials and ACCA plan to return to the city council for approval of the second phase of ACCA’s sustainability plan. Phase 2 includes the larger theater, to be called the City of Lights Center and built on city-owned property at New York and Lake streets. It is projected to cost $120 to $125 million.
The second phase includes another $7 million to cover an anticipated shortfall in ACCA’s operational budget and to reimburse ACCA for other improvements.
While Phase 2 has drawn much attention, its details are not yet ready to be discussed, said Alex Alexandrou, the city’s chief management officer. He said he agrees with critics who say the City of Lights Center needs further study.
“The cake is not ready yet,” he said. “We’re just not at that point yet.”
Aldermen John Laesch and Ted Mesiacos cast the dissenting votes Tuesday.
Mesiacos said while he could get behind financial supports for ACCA to get through 2025, he could not do so as part of a three-phase plan whose details have not yet been worked out.
“As a native of Aurora and small business owner, I also want to see our city grow, develop and thrive, but as I talked to my constituents over the past week, I kept hearing the same question again and again — how much will all three phases of this project cost and where will the funding come from,” he said.
City officials have suggested construction of the theater would not involve a property tax increase. Instead, other revenue sources — such a hotel/motel, food and beverage or ticket tax — could cover construction costs, they’ve said.
Laesch said he expects other measures, such as cutting back on programs, a study of ticket pricing or a push for more sponsors, to help shore up ACCA’s funding deficits, not another city subsidy or plans for a new theater.
He also questioned the need for the city to purchase the parking garage, which is currently used by Hollywood Casino.
“We’re taking on something we don’t need to take on,” he said.
With Hollywood Casino moving out of downtown Aurora, Alexandrou noted the parking garage will be a “significant asset” as the city looks to attract development downtown and the demand for parking grows. Building a similarly sized garage from the ground up would cost more than $20 million, he added.
Mayor Richard Irvin rebuffed critics and signaled support for the project by pointing to other developments — such as the transformation of the former Copley hospital property — once deemed impossible or too expensive. ACCA’s programming helps draw nearly 600,000 people to the city and has resulted in new restaurants in the downtown district, he said.
“Any money we put up, it’s an investment in ourselves, it’s an investment in Aurora,” Irvin added.