Aurora City Council Recommends Changes to Finish Line Grant Program
The Aurora City Council’s finance committee has recently recommended changes to the Finish Line Grant program administered by Invest Aurora. This program, designed to support businesses in redevelopment or relocation efforts in Aurora, provides funding to help them complete their projects and open for business.
Increasing Accessibility to Funding
The councilors’ recommendations aim to further open up funding opportunities for businesses in Aurora. By making these changes, Invest Aurora officials believe that the grant program will better serve its intended purpose of supporting economic development in the city.
Expanding Eligibility and Clarifying Guidelines
One of the key changes proposed is to expand the eligibility criteria for grant recipients. By clarifying language and making certain adjustments, more projects will be deemed eligible for funding through the Finish Line Grant program. For example, the proposed changes include allowing funds to be used for permanent equipment in addition to projects permanently affixed to the property.
Additionally, the new guidelines will allow projects with a minimum investment of $10,000 to qualify for the grant, up from the previous threshold of $5,000. This adjustment will ensure that a wider range of projects can benefit from the program’s financial assistance.
Promoting Residential Development
Another significant change is the shift in focus towards residential development projects. While the program previously required a component that generates food and beverage taxes, officials now aim to encourage residential development in downtown Aurora. By reallocating funds to support residential projects, the city hopes to foster a more vibrant and sustainable community.
In conclusion, the proposed changes to the Finish Line Grant program by the Aurora City Council reflect a commitment to enhancing economic development and supporting a diverse range of projects in the city. By expanding eligibility, clarifying guidelines, and promoting residential development, Invest Aurora aims to provide businesses with greater access to capital and resources for their projects.
