cover
TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director Economic Development
DATE: June 9, 2023
SUBJECT:
A resolution authorizing the purchase of the property at 101 N. Lake and 102 N River Street from Old Second Bank to facilitate the development of Downtown Aurora.
PURPOSE:
This resolution will facilitate the acquisition of strategically located vacant property, and the facilitation of the redevelopment of the property that also conserves downtown public parking, especially when events are occurring at River Edge Park and/or the Paramount Theater. The site is depicted in the attachment to this resolution.
BACKGROUND:
The subject properties, located at the northeast corner of Lake Street and New York, are parcels at a key gateway into Downtown. They have come on the market within the last year (site map attached). These properties became available as a result of the merger of West Suburban Bank with Old Second Bank. Having such large and visible gateway properties become available provides the City with a significant redevelopment opportunity. As noted above, controlling the property also helps ensure adequate parking in the downtown. The City wants to assure that the properties find their highest and best use that enhance the Downtown area.
For decades the City of Aurora has planned to improve this area of the Downtown especially moving north of New York Street towards Wilder Park. One example of City Strategic and Comprehensive Plans includes the 2017 Downtown Master Plan. Staff has also worked both internally and with the assistance of consultants to further plan for the northwest area of the downtown that could potentially become a new district that has a unique character and feel. In order to make visionary plans a reality, the City needs to manage capital (this property), explore partnerships, and create a culture for investment accountability.
The City plans to continue the strategy of supporting a mix of uses in the downtown t...
Click here for full text