The City of Aurora has received a tax-credit award worth more than $15 million from the Illinois Housing Development Authority (IHDA) toward the development of the Aurora Arts Center at the former Waubonsee Community College Building downtown.
The $35-million project will be developed by The Community Builders Inc., and will consist of a restaurant as well as a Paramount School for the Performing Arts.
In addition, the Joseph Corporation building at 32 S. Broadway would receive a major capital upgrade. The Waubonsee building has been vacant for about five years and is located directly next door to the Paramount Theatre at Galena Boulevard and Stolp Avenue. Invest Aurora purchased the building earlier this year for $350,000 in order to facilitate the development of the Arts Center.