TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
DATE: August 29, 2013
SUBJECT: title
Resolution Authorizing the Execution of a Development Agreement with Fitzpatrick Properties, LLC for 201 N. Lake Street (Fitzpatrick Properties, LLC - AU22/1-13.275-AG - ES - Ward 6).
body
PURPOSE:
Attached is a resolution authorizing the execution of a development agreement for Fitzpatrick Properties, LLC. Pursuant to the Agreement Fitzpatrick Properties, LLC will receive a $60,000.00 reimbursement toward the acquisition of the building at 201 N. Lake Street. Funding for the reimbursement will come from Tax Increment Financing District No 5.
BACKGROUND:
The property at 201 N. Lake Street, built in 1918, is a three story building directly at the north east corner of Lake Street and Spruce Street. Fitzpatrick Properties, LLC purchased the property in 2012 for $290,000 and has addressed safety concerns and begun restoration on the building.
DISCUSSION:
Project: Fitzpatrick Properties, LLC has renovated this approximately 18,136 square foot facility for five business/office units and four apartment units. Fitzpatrick Properties, LLC has completed extensive remodeling of the units including HVAC, plumbing, roofing, extensive drywall, carpet, tile, and paint upgrades.
Evaluation: In the time since Fitzpatrick Properties, LLC has owned the building the vacancy rate of the building has dropped dramatically with only one unit occupied in 2012 and eight of the nine units now being occupied.
IMPACT STATEMENT:
The development made possible through the approval of this agreement will have a positive impact on the economic health of the City of Aurora including but not limited to the following:
· The redevelopment of the property is expected to result in increased employment in and near the downtown;
· The redevelopment of this property will enhance the tax base of the City of Aurora.
· The redevelopment of this property will add to the overall vitality of Aurora.
RECOMMENDATIONS:
Staff recommends approval of the resolution authorizing the execution of a redevelopment agreement with Fitzpatrick Properties, LLC in an amount not to exceed $60,000.00.
ATTACHMENTS:
Property Information Worksheet
Photos of Property
Draft Resolution
Draft Agreement
cc: Alderman O'Connor, Chairman
Alderman Schuler
Alderman Mervine
Alderman Peters, Alternate