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TO: Mayor and City Council
FROM: Alex Alexandrou
Chief Management Officer
Martin S. Lyons
City Treasurer/Chief Financial Officer
David Dibo
Executive Director, Division of Economic Development
DATE: June 7, 2019
SUBJECT:
The acquisition of real property on Bilter Rd in the unincorporated area of Kane County, located north of the Chicago Premium Outlet
PURPOSE:
To authorize the City to accept the assignment of all contractual rights and responsibilities of Invest Aurora to acquire 9 parcels of real property located along Bilter Rd for a total purchase price not to exceed $10 million and to authorize and direct various City Officers to take all actions necessary to complete the acquisition of said property no later than July 31, 2019.
BACKGROUND:
In 2018, negotiations with the owners of 9 parcels of property located directly north of the Chicago Premium Outlet Mall on Bilter Rd. commenced (City Comprehensive Plan show these properties as zoned ORI). Taken together, and when combined with property already owned by the City, these parcels comprise a 50.22 acre block of land adjacent to the outlet mall and easily accessible from I-88 and represent a significant opportunity for economic development. Over the course of many months, agreements with all of the owners were negotiated and Invest Aurora helped resolve an ongoing dispute with a previous contract purchaser. However, the properties are under contract for a period ending July 31, 2019.
In light of the significant effort necessary to bring all of these properties under contract, and recent media reports that have discussed potential future uses of the property, it is unlikely that circumstances will permit Invest Aurora to extend the existing contracts or again have all of these properties under contract. Thus, the City has a unique, and very time-sensitive opportunity to acquire, and therefore control, the future development of the site.
DISCUSSION:
The Farnsworth Avenue corridor, whic...
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