cover
TO: Mayor John Laesch
FROM: Patrick J. Collins, Assistant Corporation Counsel
DATE: September 25, 2025
SUBJECT:
Consenting to the financing of TD Hangar, LLC's (TD) mortgage on its facility at the Aurora Municipal Airport
PURPOSE:
To allow the City Treasurer to consent, on behalf of the City, to TD's proposed financing of its mortgage with Old Second National Bank.
BACKGROUND:
In 2023, the City entered into a lease with TD to allow it to occupy space at the airport and to build a hangar. The lease contemplated that TD may need to secure outside financing for construction of the hangar and provided that the City's consent was required prior to TD's obtaining a mortgage.
DISCUSSION:
On October 24, 2023, the City entered into a lease with TD for certain lands at the Aurora Airport. Now, as contemplated in the lease, TD is requesting the City consent of a mortgage being places on the City's property at the airport.
IMPACT STATEMENT:
There is no cost to the City. These are standard agreements the City has entered into with other tenants at the Airport. Without the City's consent TD will not be able to build their hangar
RECOMMENDATIONS:
Staff recommends approval.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution authorizing the City Treasurer to consent to the mortgage of the leasehold interest of TD Hangar, Inc. at the Aurora Municipal Airport.
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, WHEREAS, the City of Aurora ("City") has leased certain real property at the Aurora Municipal Airport to TD Hangar, Inc. ("TD") for, among other things, to build and operate an airplane hangar; and
WHEREAS, the lease between the City and TD ("Lease") dated October 24, 2023, provides that TD may mortgage its leasehold at the City's reasonable discretion and subject to the provisions of the lease; and
WHEREAS, JA has requested the consent of the City to finance a mortgage with Old Second National Bank; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: that the City Treasurer shall be and hereby is authorized to act on behalf of the City with respect to the authority of the City under Paragraph 23 of the Lease; and further
BE IT RESOLVED, that the City Treasurer shall be and hereby is authorized to sign on behalf of the City any consents, memoranda, or other documents attendant to the mortgages consistent with the limitations set forth herein.