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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: December 2, 2015
SUBJECT:
To authorize the acquisition of a vacant parcel of land adjacent to the City-owned property at the corner of New York Street and River Street.
PURPOSE:
The purpose of this acquisition is to consolidate the corner under one ownership for marketing and/or redevelopment purposes.
BACKGROUND:
The City several years ago acquired a building in a state of disrepair and had it demolished as part of redevelopment plans for West New York Street. The building sat on what was approximately two-thirds of the corner property. The City did not receive the remainder of the property indicated on the attached aerial photo. This parcel (approximately 2,336 square feet) was placed on the market and, although there is no minimum square footage for building in the downtown, development on only this site would be impractical, but looking at it as a whole would merit interest.
DISCUSSION:
The acquisition price totals $11,000 (amounting to $10,000 net acquisition cost plus the City will be assuming sellers costs to get to closing). Market value on this property, based on Equalized Assessed Valuation, reached a high of $16,200 on the 2012 property tax bill, and now is currently at $7,390. The recommended purchase amount benefits the property currently owned by the City, can continue to be maintained as a whole, and can be consolidated as one single parcel for redevelopment purposes. Funding is available in the TIF 1 Cost of Land account.
IMPACT STATEMENT:
There would be minimal impact on this acquisition given the City owns the remainder of the corner and can continue to maintain it as one common property.
RECOMMENDATIONS:
It is recommended that the attached Contract for Sale of Vacant Land be approved.
cc: Alderman O’Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Authorizing the Execution of a Land Purchase Contract for Vacant Property Located at the Southeast Corner of New York and River Street (PIN 15-22-302-020)
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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 currently owns a parcel of land at the southeast corner of New York and River Street; and
WHEREAS, the City of Aurora is interested in purchasing, and the owners are interested in selling, the vacant parcel of land immediately adjacent to the currently owned city property, thereby allowing for better redevelopment opportunities; and
WHEREAS, funding is available for the costs associated with the acquisition totaling Eleven Thousand Dollars ($11,000) in Tax Increment Financing District Number 1, account number 231-1830-465.71-01 (Cost of Land)
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: That the attached Contract for the Sale of Vacant Land for Parcel Index Number 15-22-302-020 be approved and Alayne Weingartz, Corporation Counsel, or her designee are hereby authorized to act on the City's behalf to complete the purchase of the property.