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TO: Mayor Thomas J. Weisner
FROM: Tracey M. Vacek, Planner
DATE: March 29, 2016
SUBJECT:
An Ordinance authorizing an Agreement between the City of Aurora, Maruti Real Estate LLC, Philip E. Hotchkin and Gary G. Piccony, as Executor of the Estate of Paul W. Soderstrom to convey a portion of the City's property at 1275 N. Lake Street to Maruti Real Estate LLC, to terminate the ingress-egress access easement created by Document No. 2013K014624, and to grant a new ingress-egress access easement.
PURPOSE:
This request is to facilitate the redevelopment of 1271 N. Lake Street.
BACKGROUND:
Maruti Real Estate LLC has petitioned the City to redevelop the property at 1271 N. Lake Street, which is under separate action being reviewed and approved concurrently with this agreement.
To facilitate the redevelopment of 1271 N. Lake Street, this agreement will allow for the conveyance of a portion of the City's property at 1275 N. Lake Street to Maruti Real Estate LLC, the termination of the ingress-egress access easement created by Document No. 2013K014624, and the grant of a new ingress-egress access easement.
The City owns the property at 1275 N. Lake Street which bisects the property at 1271 N. Lake Street with a "flagpole" lot that extents from the east to Lake Street. The City will be conveying the "flagpole" portion of the City's property to the Maruti Real Estate LLC.
In addition, there is an existing ingress/egress easement created by Document No. 2013K014624 over the "flagpole" and extends into the City Property to provide access to Lake Street. The beneficiary of this easement is the owner, being Philip E. Hotchkin, of 1267 N. Lake Street and the owner, being Gary G. Piccony, as Executor of the Estate of Paul W. Soderstrom, of 115 W. Indian Trail.
As part of this Agreement, the existing ingress/egress easement will be vacated. In exchange Maruti Real Estate LLC will be granting a new easement along the north prope...
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