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TO: Mayor Robert J. O’Connor
FROM: Tracey M. Vacek, Planner
DATE: March 9, 2017
SUBJECT:
A Resolution Authorizing the Execution of a Dedication Agreement with Centrue Bank and River & Benton, LLC for Lot 2 of River Street Plaza, Phase One Resubdivision (Centrue Bank, River & Benton, LLC, and Fitzpatrick Properties, LLC - L14-01088 / AU21/4-14.142-AG - TV - Ward 4)
PURPOSE:
The Petitioners are proposing a Dedication Agreement for Lot 2 of River Street Plaza, Phase One Resubdivision to the City of Aurora pursuant to the Redevelopment Agreement approved on March 8, 2006 by Resolution R06-129.
BACKGROUND:
The Subject Property is part of the River Street Plaza property with DF(S) Downtown Fringe zoning, which is part of the River Street Plaza Special Use Planned Development. Additional information on the legislative history of the property can be found in the attached Property Information Sheet.
The Petitioners are requesting approval of a Dedication Agreement for conveyance of Lot 2 of River Street Plaza, Phase One Resubdivision to the City of Aurora. Centrue Bank, who acquired a portion of the property through default, is looking to complete their commitments of the Redevelopment Agreement. As part of their obligations, Centrue Bank constructed the upper pathway along the bank of the Fox River for the entire length of the property.
Concurrently with this proposal, the Petitioners are requesting approval of a Final Plat Revision for Lots 1 and 2 of River Street Plaza Subdivision Phase One. The revision will reconfigure the two lots to enlarge Lot 2 to include the upper pathway to the bank of the Fox River expanding the public access along the River.
DISCUSSION:
This Dedication Agreement will facilitate the transfer of title which will satisfy the obligation of the dedication of land pursuant to Section 8.2 of the Redevelopment Agreement.
IMPACT STATEMENT:
The development of the future lower pathway made possible through the approval of this agreement will have a positive impact on the economic health of the City of Aurora and the downtown by providing an additional bike and pedestrian option.
RECOMMENDATIONS:
Staff would recommend APPROVAL of the Resolution Authorizing the Execution of a Dedication Agreement with Centrue Bank, River & Benton, LLC, and Fitzpatrick Properties, LLC for Lot 2 of River Street Plaza, Phase One.
ATTACHMENTS:
Exhibit “A” Legal Description
Exhibit “B” Dedication Agreement
Property Research Sheet
cc: Alderman Saville, Chairman
Alderman Donnell
Alderman Irvin
Alderman Hart-Burns, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Authorizing the Execution of a Dedication Agreement with Centrue Bank, River & Benton, LLC, and Fitzpatrick Properties, LLC for Lot 2 of River Street Plaza, Phase One
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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
WHEREASCentrue Bank, River & Benton, LLC, an Illinois Limited Liability Company and Fitzpatrick Properties, LLC, an Illinois Limited Liability Company (hereinafter "Owners") are the owner of record of the real estate legally described in Exhibit “A”, attached hereto and incorporated herein by reference as if fully set forth, and hereinafter referred to as Exhibit “A”; and
WHEREAS, for reasons set forth in the Dedication Agreement attached hereto and incorporated herein as Exhibit “B”, the City and Owners wish to enter into said attached Agreement for the dedication of legally described on Exhibit “A” to the City of Aurora for the purposes of providing public open space; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Aurora, Illinois, as follows: that the Mayor and City Clerk be and are hereby authorized to execute the attached Agreement in the form attached hereto and made a part hereof as EXHIBIT "B".