The city of Aurora could realize almost $16 million in reimbursements if the City Council approves a redevelopment agreement with Cyrus One.
Aldermen will vote on the deal at Tuesday’s City Council meeting. Aldermen put the item on the consent agenda, meaning it’s likely to pass.
The money comes after negotiations between the two entities over a second campus Cyrus One intends to build on the far East Side. The actual amount would be a little over $15.5 million.
Cyrus One is a major, national data center with a facility at Eola and Diehl roads. The company intends to build another campus – with two new, 350-foot-high towers, a 411,000-square-foot building and another, 150,000-square-foot building – just to the north, along one side of the entrance from Bilter Road to Interstate 88.
Most of the building space would be for data center servers, although the front of the main building would include a lobby and some office space.
The City Council has already approved the preliminary plans and a zoning change for the property.
The new campus is being built on property the city once intended for a different kind of economic development – commercial and possibly hotel uses.
That was the thought in 2008 when the city spent money to help get what is called the Eola Road interchange to I-88, even though it does not actually go directly to Eola Road. Eastbound I-88 exits onto Diehl road, and westbound I-88 exits onto Bilter Road.
That westbound access bisects part of the Butterfield development, with 60 acres to the east and 30 acres to the west. Endeavour Edge is building a large data center campus on the 60 acres, and Cyrus One would build on the 30 acres to the west.
The city spent about $8 million on the interchange in 2008, which in today’s money is more than $13 million, city officials said. The city spent another $787,500 in soft costs in 2008, which in today’s dollars is about $1.23 million.
slord@tribpub.com
