The city of Aurora and a downtown property owner are planning a subsidy to help a new restaurant open in the former Leland Legends space.
Altiro Latin Fusion is set to open in the early fall in the first floor of Leland Towers at Galena Boulevard and Stolp Avenue.
The more than 100-seat restaurant would be the sixth location for Altiro, a local chain founded by Robert Altiro, an entrepreneur and former professional soccer player in Mexico. The other locations are in Geneva, LaGrange, Chicago, West Chicago and Wheaton.
“If things go as planned, people will be eating there by September,” said David Dibo, Aurora’s chief economic development officer.
The City Council Finance Committee this week recommended the subsidy for the new restaurant. The subsidy would total $100,000, but would only be a $64,000 grant from the city.
The other $36,000 would be in the form of a loan by the city, but it would be paid off with nine months of rent, at $4,000 a month, by the restaurant.
Leland Towers owner and developer David Karademas would allow the restaurant to commit that rent, from months 10 to 18 in the location, to go to the city to pay off the $36,000.
In addition, Karademas is providing his own subsidy by allowing Altiro to be in the location rent-free for the first nine months, in essence another $36,000 subsidy.
For its part, Altiro is contributing $50,000 to the opening costs.
Dibo said with this arrangement, everyone involved has a piece of the development.
“This is the kind of deal we like to do,” he said.
Alex Alexandrou, Aurora’s chief management officer, said Altiro “has a proven track record” with its popular and critical success in its other locations. He noted Aurora is beginning to attract those kinds of restaurateurs, pointing to the Asian Fusion and Amy Morton restaurants coming in just down Galena from Altiro, and El Jefe, another proven regional chain, coming in along Lake Street.
“We need the building block type of restaurants,” he said.
Ald. Ted Mesiacos, 3rd, added that part of the success of the deal is the synergy created by developers like Karademas, who by participating is “a generous partner in our city, willing to reinvest.”
The arrangement still needs full City Council approval, which is expected at the May 28 meeting.