Post by title1parent on Jun 16, 2011 5:40:16 GMT -5
City Council approves Two Brothers redevelopment deals
By Stephanie Lulay slulay@stmedianetwork.com June 15, 2011
AURORA — Aldermen voted to approve two redevelopment deals with Two Brothers Brewery, the new owners of the Roundhouse, on Tuesday night.
The agreements passed 11-1, with Alderman Rick Lawrence, 4th Ward, voting against both measures.
In addition to taking ownership of the Roundhouse last week, brothers Jim and Jason Ebel will be moving their Windy City distribution company to a warehouse at 1103 Butterfield Road. They purchased that property for $7.25 million.
Under the Roundhouse plan, Two Brothers will receive $1.3 million in tax-increment financing funds over 11 years, said city Development Director Bill Wiet. Under the warehouse plan, the brothers will receive $3.96 million, according to Caputo.
Jim and Jason Ebel plan to move their distribution company into the 173,000-square foot warehouse by next Wednesday.
Wiet said that there are many criteria the company must meet in order to keep TIF funding. Otherwise, it has to be paid back to the city.
Lawrence said he is happy Two Brothers is coming to Aurora but he wasn’t satisfied with the deal the city struck.
“I think you got a great deal on the property. I just have a hard time justifying borrowing more money from the taxpayers,” he said.
Mayor Tom Weisner said that city staff worked hard to keep the Roundhouse viable.
“There was a good chance that the restaurant could have gone dark for a year or more,” he said.
The Two Brothers Brewery of Warrenville announced May 3 that they bought America’s Historic Roundhouse restaurant and brewpub for $1.1 million. The complex was formerly called Walter Payton’s Roundhouse.
The brothers plan to close the Roundhouse for two weeks and reopen June 24. Jim Ebel previously said it would take between $2 million and $3 million to get the Roundhouse into shape.
By Stephanie Lulay slulay@stmedianetwork.com June 15, 2011
AURORA — Aldermen voted to approve two redevelopment deals with Two Brothers Brewery, the new owners of the Roundhouse, on Tuesday night.
The agreements passed 11-1, with Alderman Rick Lawrence, 4th Ward, voting against both measures.
In addition to taking ownership of the Roundhouse last week, brothers Jim and Jason Ebel will be moving their Windy City distribution company to a warehouse at 1103 Butterfield Road. They purchased that property for $7.25 million.
Under the Roundhouse plan, Two Brothers will receive $1.3 million in tax-increment financing funds over 11 years, said city Development Director Bill Wiet. Under the warehouse plan, the brothers will receive $3.96 million, according to Caputo.
Jim and Jason Ebel plan to move their distribution company into the 173,000-square foot warehouse by next Wednesday.
Wiet said that there are many criteria the company must meet in order to keep TIF funding. Otherwise, it has to be paid back to the city.
Lawrence said he is happy Two Brothers is coming to Aurora but he wasn’t satisfied with the deal the city struck.
“I think you got a great deal on the property. I just have a hard time justifying borrowing more money from the taxpayers,” he said.
Mayor Tom Weisner said that city staff worked hard to keep the Roundhouse viable.
“There was a good chance that the restaurant could have gone dark for a year or more,” he said.
The Two Brothers Brewery of Warrenville announced May 3 that they bought America’s Historic Roundhouse restaurant and brewpub for $1.1 million. The complex was formerly called Walter Payton’s Roundhouse.
The brothers plan to close the Roundhouse for two weeks and reopen June 24. Jim Ebel previously said it would take between $2 million and $3 million to get the Roundhouse into shape.