Aurora approves $13.8M Phase‑1 to stabilize ACA operations and advance City of Lights Center concept

The City of Aurora’s Finance Committee on Aug. 29 approved a Phase 1 request to begin detailed work on a three‑phase plan intended to stabilize the Aurora Civic Center Authority’s (ACA) finances and advance planning for a proposed City of Lights Center.

City CFO Chris Minnick and Alex Alexander outlined a plan that uses asset acquisition and reimbursements to shore up ACA’s near‑term operations. Phase 1 would finance approximately $13.8 million in bonds to purchase a valet parking garage (staff cited a $10,000,000 appraised value), reimburse ACA for Stolp Island Theater construction overages (roughly $1.3 million) and reimburse about $2.5 million for Riverwalk Promenade rehabilitation costs. Staff said closing on the garage could occur about 60 days after council approvals and that proceeds combined with reimbursements should sustain ACA operations through the end of fiscal year 2025.

Tim Raider, president and CEO of ACA/Paramount, described attendance gains and economic spillovers from performances and promotional activity, and showed a concept video of a proposed City of Lights Center — an estimated multi‑million dollar performance center intended to host larger touring acts and expand downtown economic activity. Raider and staff said consultants (architects and CH Johnson) prepared preliminary cost and market work; staff provided a rough construction cost range that still requires refinement and said additional bond series and detailed pro formas would return for council consideration.

Committee members pressed for clearer pro formas and metrics: expected parking usage, restaurant‑sales lift, timing for construction and revenue payback periods. Staff committed to provide pro formas, a map of the CLC site (the West Suburban Bank property near Lake and New York streets) and split reporting for Paramount, RiverEdge and related venues. After discussion, the committee approved moving forward with Phase 1 and accepted the overall concept to proceed with due diligence, 5–0.

What’s next: Staff will continue due diligence, finalize bond documentation and present detailed financial pro formas and terms before any bond issuance or construction contracts are approved.