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TO: Mayor Richard C. Irvin
FROM: Alex Minnella, senior planner
DATE: December 1, 2021
SUBJECT:
A Resolution Authorizing the Execution of a First Amendment to the Redevelopment Agreement Previously Entered into Between the City of Aurora and Sandri Properties LLC.
PURPOSE:
To approve a first amendment to allow for a three years extension to the previously approved redevelopment agreement between the city of Aurora and Sandri Properties LLC.
BACKGROUND:
Paul Soderstrom owned and ran the Soderstrom Pallet Co. a manufacturing use from the late 1970s to 1995, when he sold the business. Despite the sale of the buildings, new business owners continued to operate it as the Soderstrom Pallet Co. while Paul Soderstrom continued to own the property.
The property, zoned M-1 Manufacturing District Limited, consists of 4.87 acres and located north of Indian Trail Road and adjacent to the Fox River Trail on the west side of the Fox River, had a large dilapidated building and a residential structure as well.
The property owner, Paul Soderstrom deceased in October of 2012 and the property sit vacant for years until June 14, 2016 when the City entered into a redevelopment agreement with Sandri Properties, LLC by approving resolution R2016-174.
The City, recognizing the potentials of the property located within a TIF and in the River Edge Redevelopment Zone and hoping to attain residential uses along the river, decided to assist the heiress Karna Sandri with the costs entailed with the demolition and remediation of the site. By doing this the joint effort was aimed to have the property ready for development.
A copy of the plat of survey (Attachment A) has been provided. The property had been appraised with a land value of $635,000 (Attachment B). The property sits outside of the floodplain as it was estimated by Engineering Enterprises, Inc. (Attachment C). The City of Aurora also owns property nearby to this property which would likely be included as part ...
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