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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 5, 2016
SUBJECT:
An Ordinance Approving Second Commercial Real Estate Contract with Odawa Development, LLC for purchase of the Fox Valley Golf Course.
PURPOSE:
As the City and Odawa Development, LLC will be unable to close on the property within the time frame in the current Contract that was approved in April, 2015, a new Contract has been prepared which extends the closing date.
BACKGROUND:
The City entered into a sales contract in April 2015 with the Odawa development company for them to acquire the Fox Valley Golf Course. The closing date was set for between March and June, 2016. However, litigation in regards to the current tenant at the Fox Valley Golf Course has caused the need to extend the closing date on the property one additional year, to the time frame between March 31, 2017 and June 30, 2017..
DISCUSSION:
See attached memo from President/CEO Dave Hulseberg of Invest Aurora.
IMPACT STATEMENT:
There is no impact on the request to extend this sales Contract one additional year.
RECOMMENDATIONS:
It is recommended that the closing date on the sale of the Fox Valley Golf Course to Odawa Development LLC be extended per the adoption of this Second Commercial Real Estate Sales Contract attached as Exhibit A
cc: Alderman O’Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance Approving the Second Commercial Real Estate Sales Contract for the sale of City-owned Property located at 2500 North River Road, North Aurora, Illinois, Commonly Known as the Fox Valley Golf Course
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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, pursuant to Ordinance O15-006, The City of Aurora and Odawa Development LLC entered into a Commercial Real Estate Sales Contract for the Sale of the City-owned property at 2500 North River Road, North Aurora, Illinois, commonly known as the Fox Valley Golf Course; and
WHEREAS, The City of Aurora and Odawa Development LLC both desire to extend the closing date contained in that Contract for one additional year, resulting in a new closing date between March 31, 2017 and June 30, 2017; and
WHEREAS, it is in the best interest of the City of Aurora and its residents that the City enter into a Second Commercial Real Estate Sales Contract with Odawa Development, LLC, to extend the closing date on the sale of the Fox Valley Golf Course, a copy of which Contract is attached hereto and incorporated herein as Exhibit "A".
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Aurora, Illinois, as follows: That the Second Commercial Real Estate Contract attached hereto and made a part hereof as Exhibit A, for the sale of City-owned property at 2500 North River Road, North Aurora, Illinois known as the Fox Valley Golf Course is hereby ap-proved, and further, that the Corporation Counsel or her designee is hereby authorized to act on the City's behalf to complete said sale.