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TO: Mayor Robert J. O'Connor
FROM: Bill Wiet, Chief Development Services Officer
DATE: March 8, 2017
SUBJECT:
To sell the City-owned property at 55 South Lake Street to Mr. Dan Sledz for the purpose of redevelopment of the building.
PURPOSE:
On October 5th 2016, the City of Aurora acquired the property located at 55 S. Lake Street in Aurora, IL (PIN #15-22-307-004) for $0 (Zero Dollars) via Judicial Deed. On January 25th 2017, the City of Aurora issued a Public Notice Accepting Offers for Sale of Properties (Attachment A). One of the properties issued was 55 S. Lake Street. Bids on this property were due no later than 3:00 pm February 15th 2017. The City of Aurora received two letters of intent for the property on time, as well as a third proposal three hours after the cutoff period.
Invest Aurora has reviewed the letters of intent outlining each bid, and recommends moving forward with a Purchase and Sale agreement between the City of Aurora and Mr. Dan Sledz for $10.00.
BACKGROUND:
Invest Aurora received two nearly identical proposals from neighboring property owners. Mr. Craig Wetter owns the property located at 71 S. Lake Street (PIN # 15-21-428-011), and Mr. Dan Sledz owns the properties located at 47 S. Lake Street (PIN #15-22-307-002) and 52 S. Lake Street (15-22-308-007).
The proposals were reviewed by David Hulseberg, President/CEO of Invest Aurora, and Bill Wiet, Chief Development Officer for the City of Aurora. As the proposals are nearly identical, the decision was made based on condition, use, and proposed improvements for each individual's existing properties on the block. After evaluation, Invest Aurora selected Mr. Dan Sledz for the award of 55 S. Lake Street.
DISCUSSION:
Mr. Sledz will be granted a Contingency Period of 30 days to review all documents held by the City of Aurora and complete all due diligence on the property. In the event that Mr. Sledz is satisfied with all documents, he must deposit non-refundable earnest money i...
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