Aurora, Illinois

File #: 17-00496    Version: Name:
Type: Resolution Status: Passed
File created: 6/2/2017 In control: City Council
On agenda: 6/13/2017 Final action: 6/13/2017
Title: A Resolution Approving Settlement and Donation Agreement Between the City of Aurora and PNC Bank, National Association, for Property Located at 65 South Broadway, and 71-77 South Broadway, Aurora Illinois
Attachments: 1. PNC execued Settlement Agreement .pdf, 2. PNC executed Donation Agreement.pdf, 3. PNC signaure page1.pdf, 4. PNC Bank Aerial.pdf, 5. PNC Bank Broadway.jpg, 6. PNC Bank Water Street.jpg

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TO:                     Mayor Richard C. Irvin

 

FROM:                     Bill Wiet, Chief Development Services Officer

 

DATE:                     June 2, 2017

 

SUBJECT:

To approve a Settlement Agreement and Donation Agreement for the City to receive the property commonly known as the PNC Bank Building at the corner of Broadway and Benton Streets.

 

PURPOSE:

Once received, the City will be able to market/utilize this vacant office building and property for future development or redevelopment purposes.

 

BACKGROUND:

The City has had a repair/demo order on this property for the parking deck that is need of demolition. The parking structure had not been utilized when PNC Bank occupied the building because of safety concerns. Rather than expend the funds necessary to remove the parking structure, PNC Bank offered the property to the City for development or redevelopment purposes. This does not include the PNC Drive up facility at the SW corner of Broadway and Benton.

 

DISCUSSION:

PNC Bank had moved their office operations to their West Galena Branch a few years ago. The building's interior for the most part can be readily adaptable for an office use if need be, but it can also be part of a larger development plan in the future. Its close proximity to available parking, the downtown, and the Fox River could make this an attractive stand alone or combined redevelopment project.

 

The City would need to undertake the demolition of the parking structure at some point in the near future and it is recommend that specifications for its demolition be prepared.

 

IMPACT STATEMENT:

The immediate impact would be the cost to remove the parking structure. The long term plan of a redevelopment site is attractive to insure quality redevelopment of this quadrant of the downtown.

 

RECOMMENDATIONS:

It is recommended that the settlement agreement and donation agreement between the City of Aurora and PNC Bank be approved.

 

 

 

CITY OF AURORA, ILLINOIS

 

RESOLUTION NO. _________

DATE OF PASSAGE ________________

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A Resolution Approving Settlement and Donation Agreement Between the City of Aurora and PNC Bank, National Association, for Property Located at 65 South Broadway, and 71-77 South Broadway, 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, PNC Bank, National Association, is willing to donate, and the City of Aurora is willing to accept, pursuant to a Settlement Agreement and Donation Agreement, the property commonly known as the PNC Bank Building located at 65 South Broadway, and 71-77 South Broadway, Aurora Illinois; and:

 

WHEREAS, it is in the best interest of the City of Aurora and its residents to accept the property and further the City's objectives for downtown redevelopment; and

 

WHEREAS, the City of Aurora and PNC Bank, National Association, have negotiated both a Settlement Agreement and a Donation Agreement defining the terms to which the property will be received.

 

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: That both the Settlement Agreement and Donation Agreement attached hereto and made a part thereof, be approved.