Aurora has many bridges, and in recent years has had many bridge projects.
But aldermen Tuesday recommended the first “paper bridge” in recent memory — a paper transaction that will bridge a $600,000 financing gap so officials can close on the Coulter House, part of the Aurora Arts Centre project, by December.
The Coulter House at Broadway and Downer Place is a housing complex that will be redeveloped by the Aurora Revitalization Owner LLC, a company formed to do the housing part of the Arts Centre project. The company was formed by the Community Builders, a national housing redevelopment company.
They are doing the housing part of the project at the Coulter House, as well as inside the former Waubonsee Community College building at Stolp Avenue and Galena Boulevard. The former Waubonsee building will become home for artist-preference housing, as well as practice rooms and housing for the Paramount Theatre, and a school of performing arts.
Coulter House will remain partially subsidized housing for the disabled as part of the overall project.
Officials want to close on the Coulter House in December. The city’s part of that deal is $600,000 in federal HOME grants. But thanks to federal Housing and Urban Development regulations, that HOME money is not available until Jan. 28, 2018.
“So even though we have funds on hand, we cannot do it until Jan. 28,” said David Hulseberg, director of Invest Aurora, the city’s redevelopment not-for-profit organization.
The city can, however, pass a resolution “to request that those dollars are available,” Hulseberg said. It will create a paper bridge between the closing in December until the funds are available in January, he said.
Aldermen on the Finance Committee voted 2-0, with Ald. Ted Mesiacos, 3rd Wad, abstaining, to recommend the arrangement to the full City Council.