Aurora might grant $100K in incentives for new downtown restaurant
Aurora is considering giving a restaurant $100,000 in incentives to open a spot downtown near the Paramount Theatre.
During a committee of the whole meeting Tuesday, aldermen gave preliminary approval for a grant of $64,000 and a loan of $36,000 to Altiro Latin Fusion to open in the Leland Tower at Galena Boulevard and Stolp Avenue.
The chain has four restaurants and plans to open one in Wheaton any day now, according to its owner, Roberto Altiro. The first one was in Geneva; others are in Roscoe Village, West Chicago and La Grange.
According to a city memo, Altiro usually obtains investors for his restaurants, but he had trouble securing them for the Aurora site.
The money will be used for furniture and equipment, according to a memo by David Dibo, the city's chief economic development officer.
"The Leland retail space has had a checkered history and in supporting this deal the City, for a reasonable investment, will bring the first chain restaurant to the downtown in many years," Dibo wrote.
"An important part of the incentives is that the landlord is contributing as well," John Curley, the city's chief development officer, told aldermen Tuesday.
The building's owner is giving the restaurant nine months of free rent. Then for nine months after that, $4,000 of the rent payment will go toward repaying the city loan.
Altiro plans to spend $50,000 of his own money on renovation and will sign a five-year lease. He wants to open in September, in time for the opening of the 2019-20 Paramount season.
Half the financial aid would be paid out by May 31, if the council approves the deal May 28.