cover
TO: Mayor Richard C. Irvin
FROM: Bill Wiet
DATE: November 21, 2017
SUBJECT:
To acquire, through assignment from Invest Aurora, the property at 15-17 South Broadway Street, Aurora, Illinois. The purchase price is $285,000.
PURPOSE:
The City of Aurora is the majority landowner on the block, and has in the past acquired properties in this area when the opportunity presents itself. However, other than for municipal purposes, it is the City's goal to lease these properties which is the case here.
BACKGROUND:
The City has planned to take the lead in the redevelopment of this block. While most of the City-owned properties are occupied, an effort is underway to lease or occupy the remaining properties. It is anticipated that the future redevelopment may be for municipal purposes, commercial, offices, open space, parking, or a combination thereof.
DISCUSSION:
Invest Aurora took the lead in the negotiations for the acquisition of this property. The City would be accepting the assignment of the contract. At the time of acquisition no tenants will occupy the space however, a new restaurant will be pursued (Exhibit A).
Funds are available in account number 215-1710-417.71-01 (Cost of Land)
IMPACT STATEMENT:
The City will have maintenance responsibilities for the building. .
RECOMMENDATIONS:
That the attached Real Estate Contract for the purchase of property located at 15-17 South Broadway be approved by assignment from Invest Aurora.
cc: Alderman O’Connor, Chairman
Alderman Mesiacos
Alderman Bugg
Alderman Mervine, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Authorizing the Assignment of Commercial Sales Contract to Purchase Real Property Located at 15-17 South Broadway, Aurora, Illinois
body
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 City of Aurora is interested in acquiring, as assignee from Invest Aurora, and Self-federal Credit Union is interested in selling the property located at 15-17 South Broadway, consisting of parcel numbers 15-22-336-008; and 15-22-336-009; and
WHEREAS, it is in the best interests of the City of Aurora and its residents to complete the acquisition of the property described above; and
WHEREAS, funding for the purchase will be available for the acquisition in Account Number 215-1710-417.71-01 (Cost of Land) for a total of Two Hundred Eighty Five Thousand Dollars ($285,000.00).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: That the attached Commercial Real Estate Contract for the purchase of property located at 15-17 South Broadway be approved by assignment from Invest Aurora, and that Richard Veenstra, Corporation Counsel, or his designee are hereby authorized to act on the City's behalf to complete the purchase of this property.
BE IT FURTHER RESOLVED that the Building Lease Agreements attached hereto and incorporated herein as if fully set forth are hereby approved