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TO: Mayor Richard C. Irvin
FROM: Christopher Minick, City Treasurer/Chief Financial Officer
David Dibo, Executive Director, Mayor's Office of Economic Development
Alessandro Minnella, Senior Planner, Mayor's Office of Economic Development
DATE: October 22, 2024
SUBJECT:
An Ordinance approving an option agreement for the purchase of two properties located at 201 N Lake Street and 213 N Lake Street, and authorizing the City's officers and employees to complete the transactions contemplated by said agreement.
PURPOSE:
To approve a negotiated option agreement and direct various City Officers to take all actions necessary to complete the future acquisition of two properties as outlined in the option agreement made part of this approval.
The intent is to purchase two (2) properties located in the immediate vicinity of the Downtown core for Strategic Economic Development Purposes. The properties entailed in the acquisitions are 201 N Lake Street (P.I.N. 15-22-157-003), 213 N Lake Street (P.I.N. 15-22-157-002), being the northwesterly quadrant of the block bounded by Lake Street, Cedar Street, River Street and Spruce Street.
BACKGROUND:
The City continues to make investments to improve the downtown into a thriving mixed-use area and Staff has worked towards creating a new entertainment, shopping, and living district called the North River Street District. This new District will be located just north of our historic downtown. An area where new appropriate and exciting design guidelines, architectural styles, and features can be used to create a new destination that connects the Downtown with RiverEdge Park and the Aurora Transportation Center.
Strategic land acquisitions is what is creating this opportunity to plan. See the attached exhibit that illustrates the parcels owned by the City in this District as well as how these two important properties fit into the larger picture. It has taken over 40 years for the City to acquire these properties and ...
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