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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: September 6, 2016
SUBJECT:
To acquire the property located at 116 West New York Street, current home to the Schor Glass Company, and lease back to the Schor Glass Company.
PURPOSE:
The City of Aurora has recently acquired the property at 2-4 North River Street (The Hobbs/Crosby Building). Acquiring the Schor Glass Company property allows for the City to better market to potential developers, being that the City would then be the majority land owner on the block. It is anticipated that once the property is marketed along with the Hobbs/Crosby Building, the available parking and ingress/egress associated with the glass company would benefit the future development of the block.
BACKGROUND:
The existing business has been thriving and it is anticipated that by extending the lease to the tenant, thus continuing to pay rent to the City it will thereby lessen the City's overall investment. It has been indicated that in the future the tenant may look for space elsewhere and the City would commit to assisting in any such relocation efforts.
DISCUSSION:
Upon the acquisition of the property, Invest Aurora will market the City's buildings on the block as one uniform development potential, while leasing the property concurrently to Schor.
IMPACT STATEMENT:
The City as owner would now be a landlord to the glass shop and therefore the maintenance responsibilities typical of a property owner would be necessary in this case.
RECOMMENDATIONS:
It is recommended that the acquisition of the property at 116 West New York Street, and the lease to Schor be concurrently 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 Contract to Purchase Real Property Located at 116 West New York Street, Auro...
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