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TO: Mayor Richard C. Irvin
FROM: Richard J. Veenstra, Corporation Counsel
DATE: May 8, 2018
SUBJECT:
A resolution authorizing the execution of a Real Estate Purchase and Sales Contract for the Property Commonly Known as at 512 N Broadway, Aurora, Illinois pursuant to the terms of a Settlement Agreement and General Release in the matter of the City of Aurora v. Broadway Limited of Aurora, LLC, et. al. Circuit Court of the Sixteenth Judicial Circuit, Kane County, Case No. 2011 CH 448.
PURPOSE:
To effectuate the proposed settlement agreement between the parties.
BACKGROUND:
Please consult the memorandum included with Item 18-0408.
DISCUSSION:
Please consult the memorandum included with Item 18-0408
IMPACT STATEMENT:
Please consult the memorandum included with Item 18-0408.
RECOMMENDATIONS:
That the Council adopt this resolution.
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution authorizing the execution of a Real Estate Purchase and Sales Contract for the Property Commonly Known as at 512 N Broadway, Aurora, Illinois pursuant to the terms of a Settlement Agreement and General Release in the matter of the City of Aurora v. Broadway Limited of Aurora, LLC, et. al. Circuit Court of the Sixteenth Judicial Circuit, Kane County, Case No. 2011 CH 448.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, the parties in the matter of the City of Aurora v. Broadway Limited of Aurora, LLC, et. al. Circuit Court of the Sixteenth Judicial Circuit, Kane County, Case No. 2011 CH 448 have reached a settlement agreement ("Settlement Agreement") and said agreement has been approved by the City Council as Agenda Item 18-00408, and
WHEREAS, such Settlement Agreement contemplates the City's acquisition of the real property commonly known as 512 N Broadway, Aurora, Illinois for a total amount of Five Hundred Fifty Thousand Dollars ($550,000), and
WHEREAS, the terms of said acquisition are set forth in the Real Estate Purchase and Sales contract attached hereto and made a part thereof as Exhibit A.)
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: that the attached Exhibit A for the acquisition of the real property located at 512 N Broadway Ave for the sum of five hundred fifty thousand dollars ($550,000) shall be and hereby is approved; and further
BE IT RESOLVED, that the Corporation Counsel or his designee are authorized and directed to act on the City's behalf to complete the acquisition of said real property in accordance with and subject to the terms of the Settlement Agreement upon the Defendant's satisfactory performance of its obligations under the Settlement Agreement.