cover
TO: Mayor Thomas J. Weisner
FROM: Jeff McLaughlin, Neighborhood Redevelopment Manager
DATE: June 18, 2014
SUBJECT:
Ordinance to Authorize the Disposition of a Property Located at 83 North Avenue - Neighborhood Stabilization Program (NSP).
PURPOSE:
This staff report is offered as a companion an Annual Action Plan Substantial Amendment (2014-#3) and an Agreement Amendment with Boreas LLC that will offer a disposition strategy for the sole remaining NSP property held by the City of Aurora- 83 North Avenue (PIN#15-27-105-001)("Property"). This specific report requests approval for an Ordinance to allow for the disposition of the Property that will be guided under an Amendment to a previously approved Development Agreement with Boreas LLC for the Aurora Impact Initiative. The Amendment with Boreas LLC will be discussed in a subsequent staff report.
BACKGROUND:
In 2008 the City of Aurora was awarded $3,086,586 under the American Recovery and Reinvestment Act (ARRA) for the NSP Program which caused the purchase, rehabilitation, and reuse of vacant/abandoned/foreclosed homes. Through direct home purchases, and through contractual partnerships, the City funded the completion of 14 homes under the NSP program. The sole remaining parcel is the Property, which has a disposition that has been hamstrung by high renovation costs tied to the historic nature of the Property.
DISCUSSION:
The Property will be sold for a di minimus, or no value, pursuant to NSP regulations, to Boreas LLC who as a developer will make substantial renovations and modernizations to the Property for the purposes of a long term reuse as workforce housing available to income eligible renters.
IMPACT STATEMENT:
Disposition of this Property will allow for the creation of workforce housing in Aurora, and will also allow the City to effectively end the homebuyer portion of the NSP program.
RECOMMENDATIONS:
Approve an Ordinance that authorizes a purchase contract with...
Click here for full text