cover
TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: December 2, 2014
SUBJECT:
To request approval for the City of Aurora to accept the assignment of the purchase agreement for 2065 Bilter Road from Seize the Future Development Foundation (STFDF) in order to acquire the Bilter Road property.
PURPOSE:
2065 Bilter Road is a five-acre, long and narrow piece of improved residential property immediately north of the Chicago Premium Outlets expansion. This parcel is also one of several similar sized properties along this stretch of Bilter Road, all in unincorporated Kane County, that according to the City's comprehensive plan designates this area as future Office/Research/Industrial (ORI) or non-residential. Seize the Future Development Foundation (STFDF) and the Aurora Economic Development Commission before them, have been working with properties in this area for several years. STFDF has entered into a purchase agreement with Betty A. Glover as Trustee for the Betty A Glover Declaration of Trust Dated March 2, 2001, owner of the property, for an acquisition price of $750,000. The City of Aurora would then accept assignment of the purchase agreement and acquire the property.
BACKGROUND:
Given the expansion of the Chicago Premium Outlets (CPO) to the east, it was discussed at that time the possible need for an additional access drive leading from Bilter Road into the CPO site. This particular property can be utilized for that purpose, or can be an integral parcel for the future development of all the similar properties along Bilter should the location for the access drive change.
DISCUSSION:
Past studies have shown concept plans for an access drive from the east along Bilter Road into the expanded CPO site. Given that this area of unincorporated properties is being marketed for commercial purposes, the acquisition by the City of one parcel in this area (of 10 total properties) can serve several purposes, and therefore it is recommended that the City acquire this piece. Funding is available in the 2015 City Budget Account 215-1710-417.71-01 (Cost of Land).
IMPACT STATEMENT:
It is anticipated that once the City acquires the parcel that the buildings on the site be demolished and maintained until such time it redevelops. It can be annexed into the City of Aurora, and be part of future redevelopment plans for the area, including the possibility of being included in TIF # 8, currently located immediately south, and the acquisition can then be reimbursed from such TIF funds.
RECOMMENDATIONS:
It is recommended that the City of Aurora accept the assignment of the purchase agreement for the acquisition of 2065 Bilter Road.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Accepting the Assignment of an Agreement for Purchase and Sale of Certain Improved Real Property Commonly Known as 2065 Bilter Road, Kane County, Illinois (Betty A. Glover as Trustee for the Betty A Glover Declaration of Trust).
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 Aurora City Council approved via Resolution R13-182 an agreement with Seize the Future Development Foundation ("STFDF") to provide economic development activities and services needed for the City of Aurora, including the necessary funding for its economic development efforts; and
WHEREAS, STFDF has entered into an Agreement of Purchase and Sale ("Purchase Agreement") for the acquisition of improved real property commonly known as 2065 Bilter Road, Kane County, Illinois, with current owner Betty A. Glover as Trustee for the Betty A. Glover Declaration of Trust Dated March 2, 2001 ("Seller"). A copy of the Purchase Agreement is attached hereto as Exhibit "A" and made a part thereof; and
WHEREAS, the City is willing to accept, and STFDF is willing to provide, an assignment of rights to the Purchase Agreement to the City of Aurora; and
WHEREAS, said Purchase Agreement provides for the payment at closing of Seven Hundred Fifty Thousand Dollars ($750,000.00), and;
WHEREAS, funds are available for the acquisition of 2065 Bilter Road from the 2015 City Budget in Account Number 215-1710-417.71-01 (Cost of Land).
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Aurora, Illinois, as follows: pursuant to its home rule powers as provided by Article VII, Section 6 of the Illinois Constitution of 1970, that the City accept the assignment from STFDF of the Purchase Agreement attached hereto as EXHIBIT "A" and made a part thereof, that the City is authorized to pay to Seller at closing Seven Hundred Fifty Thousand Dollars ($750,000.00) ,and the Mayor and City Clerk of the City of Aurora, or their designees, are authorized and directed to execute and deliver any assignment documents, the Purchase Agreement, and all other instruments and documents that are necessary to fulfill the City's obligations under the Purchase Agreement in order to purchase and take possession of the said 2065 Bilter Road property.
PASSED AND APPROVED on ______________.
AYES ____ NAYS ____ NOT VOTING ____ ABSENT ____
ATTEST:
____________________________ __________________________
City Clerk Mayor
Exhibit A Purchase Agreement