cover
TO: Mayor Richard C. Irvin
FROM: Bill Wiet
DATE: November 22, 2017
SUBJECT:
To sell the vacant lot at 66-74 S. Broadway (PIN #15-22-381-006) to ELEMY, LLC. the purchaser of the adjacent property at 62 S. Broadway, for use as outdoor seating and parking.
PURPOSE:
ELEMY, LLC. is approved to lease the lot at 66-74 S. Broadway provided a public parking lot be constructed. It is now being proposed that the parcel be sold to ELEMY, LLC. This will allow for additional space for outdoor seating and parking as part of the renovation project at 62 S. Broadway.
BACKGROUND:
As a condition of the City of Aurora Redevelopment Agreement between the City of Aurora and ELEMY, LLC. for the Disposition of the City-owned property at 62 S. Broadway, ELEMY, LLC. is approved to lease the adjacent lot at 66-74 S. Broadway provided a public parking lot be constructed. It is now being proposed that the parcel be sold to ELEMY, LLC. for use as outdoor seating and parking at a cost of $10.
DISCUSSION:
ELEMY, LLC. is purchasing 62 S. Broadway and renovating the first floor as commercial space, the second floor for fitness use and the third floor as 3 one bedroom apartments. They have also agreed to the repair and service of the building's elevator, rebuild staircase, and the relocation of the water, sewer, and electric utilities for the adjacent property to the north from the basement of 62 S. Broadway.
IMPACT STATEMENT:
This sale will allow for a more comprehensive development when combined with the renovation of the adjacent property at 62 S. Broadway where the value of investor improvements is estimated at $1.5MM. The property improvements will put the property back on the tax roll and allow for parking for new businesses and residents of the adjacent property.
RECOMMENDATIONS:
It is recommended that the Contract for the Purchase and Sale of City Owned Real Estate Located at 66-74 South Broadway Street be approved.
cc: Alderman O'Connor, Chairman
Alderman Mesiacos
...
Click here for full text