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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: January 15, 2016
SUBJECT:
The City of Aurora is seeking to enter into an agreement with Wennlund Farm LLC (Developer) to redevelop the project area defined by the area approximately bounded by Downer Place (north) to Benton Street (south), between the Fox River (west) and Water Street (east). More specifically, the agreement takes into consideration 1) the demolition of properties owned by Developer (43-49 East Downer Place), 2) A "Parking Lot Lease Agreement", which allows for the City's continued use of the Benton Street Parking lots (Lots Q and R) for employee and public parking, and 3) A "Compromise and Release Agreement", which agrees to settle past disputed claims by both parties on the Developer properties south of Benton Street. The following information highlights the specific details of the Redevelopment Agreement.
PURPOSE:
There are three interdependent agreements. The first is the Redevelopment Agreement which provides for a mechanism by which the Developer demolishes the buildings they own across from City Hall (43-49 East Downer Place) as part of an overall development plan for the riverfront between Downer Place and Benton. The second is the Parking Lease Agreement which provides for the City's continued use of the Benton Street parking lots (owned by Developer) for $5,000 annually plus taxes insurance and maintenance, to be used by employees and the general public. The third is the Compromise, Settlement and Mutual Release Agreement which settles disputed past financial reimbursement claims by both parties from the 2007 Redevelopment Agreement. It shall be noted that all agreements are being considered as a package given they are interdependent on each other.
BACKGROUND:
In 2007, with Resolution R-07-124, the City of Aurora approved an Amended and Restated Redevelopment Agreement with Aurora Redevelopment Company L.L.C. (d.b.a. Shodee...
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