An Aurora (Ill.) City Committee wants to give developers $9 million for the second phase of a project to redevelop the campus of a former hospital in the city, the Chicago Tribune reports.
What you should know:
1. Development firm Fox Valley Developers is spending $128.5 million to redevelop the former Copley Hospital campus into a space including a housing project, a pharmacy, a neighborhood healthcare facility, school administrative offices and a park.
2. The neighborhood healthcare facility will house an urgent care center, a surgery center and a counseling center.
3. Aurora previously gave Fox Valley $3 million to clean up the site, a project that totaled $12 million. The city also plans to establish a tax increment financing district to help fund public amenities in the development.
City CFO Martin Lyons said, "We are participating in the risk, because we know the risk of doing nothing."
4. The City Council will consider the funding package at its Oct. 29 Committee of the Whole meeting.