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TO: Mayor Robert J. O'Connor
FROM: Bill Wiet, Chief Development Services Officer
DATE: March 9, 2017
SUBJECT:
To approve an ordinance authorizing the execution of a Commercial Real Estate Sales Contract for the sale of City-owned Property Located at 2500 North River Road, North Aurora, Illinois, commonly known as the Fox Valley Golf Course, to DRH Cambridge Homes for a purchase price of five million three hundred thousand dollars ($5,300,000.00).
PURPOSE:
The City of Aurora has owned the 106-acre Fox Valley Golf Course since the mid 1970's and has been closed for the past two seasons. It has been marketed to interested developers for the past few years.
BACKGROUND:
On January 25th 2017, the City of Aurora issued a Public Notice Accepting Offers for Sale of Properties (Attachment A). One of the properties issued was the Fox Valley Golf Course, located at 2500 North River Road in North Aurora (PIN's #12-34-100-009 and #12-34-100-010). Bids on this property were due no later than February 15th 2017. The City of Aurora received two letters of intent for the property.
Invest Aurora has reviewed the letters of intent outlining each bid, and recommends moving forward with a Purchase and Sale agreement between the City of Aurora and D R Horton. The sale will be made for $5,300,000.00.
PROPOSALS:
D R Horton: Revco Ventures Inc.:
Units: 400 Units: 450
Housing Type: Senior Targeted Housing Type: Market
Sale Price: $5,300,000 Sale Price: $5,300,000
Due Diligence Period: 120 Days Due Diligence Period: 90 Days
Closing Date: 30 Days* Closing Date: 21 Days**
Initial Earnest Money: $25,000 ...
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