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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: January 30, 2015
SUBJECT:
To request approval for the City of Aurora to approve a settlement agreement with Gary Gooding (and Chicago Title Land Trust Company as Successor Trustee to the First National Bank of Geneva, Trustee under Trust Agreement dated 11/28/89, and known as Trust Number 2958) owner, for the acquisition of the property commonly known as 330 North Broadway.
PURPOSE:
The property at 330 North Broadway is a 15,139 square foot parcel directly east of RiverEdge Park. The building contains various office tenants. This parcel is one of two parcels that were excluded from the park's development. The other property, 310 North Broadway, commonly known as Randy's Auto, has been approved for acquisition by the City and should be closely shortly.
BACKGROUND:
This property, similar to 310 North Broadway, is an integral acquisition for park purposes. Once acquired and demolished this area will be integrated into the park, and improvements will compliment what is existing. The City began proceedings to acquire this property through eminent domain for park purposes, however, a settlement agreement has been reached which if approved will end the legal proceedings.
DISCUSSION:
The total acquisition price is $365,000. Of that amount, $60,000 will be used to satisfy the first mortgage on the property. Also, another $100,000 of the total acquisition price will be placed in a joint escrow account set up to cover environmental cleanup costs. Environmental testing will be conducted on this site, and any clean-up costs attributed to the Gooding property will be deducted from the escrow account, for a period of 12 months. Once completed, any funds remaining will be provided to Gary Gooding. Please note that this area was once a manufactured gas plant and this property is also subject to environmental clean-up by ComEd. Funding is available in the 2015 City Budget Account 215-1710-417.71-01 (Cost of Land).
IMPACT STATEMENT:
It is anticipated that both the 310 and 330 North Broadway structures will be demolished prior to the opening of the RiverEdge Park season, however the site will remain fenced off and will not be incorporated into the park site until after any necessary environmental clean- up is completed. Timing for future improvements to the sites will be dependent on funding and RiverEdge Park scheduling. Future maintenance responsibilities of this area will most likely be added to the maintenance contract with ACCA for the general maintenance of RiverEdge Park.
RECOMMENDATIONS:
It is recommended that the City approve the attached Settlement Agreement for the acquisition of 330 North Broadway Avenue.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance Approving a Settlement Agreement for the Acquisition of 330 North Broadway Avenue, Aurora Illinois
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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 City of Aurora and Gary Gooding (and Chicago Title Land Trust Company as Successor Trustee to the First National Bank of Geneva, Trustee under Trust Agreement dated 11/28/89, and known as Trust Number 2958) ("OWNER") of the property at 330 North Broadway Avenue, have been conducting good faith negotiations for the City of Aurora's acquisition of the property at the previously mentioned address; and
WHEREAS, OWNER has executed a Settlement Agreement with the City of Aurora for the acquisition of the property at 330 North Broadway, under the terms of said Settlement Agreement, attached hereto and made a part thereof as Exhibit A; and
WHEREAS, the City of Aurora is desirous of entering into the Settlement Agreement for a total acquisition amount of Three Hundred Sixty Five Thousand Dollars ($365,000.00), and under the terms provided in said Settlement Agreement: and
WHEREAS, funds are available for the acquisition of 330 North Broadway Avenue from the 2015 City Budget 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: That the attached Exhibit A (Settlement Agreement) for the acquisition of the property located at 330 North Broadway Avenue for the sum of $365,000 is hereby approved. Additionally, Alayne Weingartz, Corporation Counsel, or her designee are hereby authorized to act on the City's behalf to complete the acquisition of this property.