cover
TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 5, 2016
SUBJECT:
An Ordinance Approving Second Commercial Real Estate Contract with Odawa Development, LLC for purchase of the Fox Valley Golf Course.
PURPOSE:
As the City and Odawa Development, LLC will be unable to close on the property within the time frame in the current Contract that was approved in April, 2015, a new Contract has been prepared which extends the closing date.
BACKGROUND:
The City entered into a sales contract in April 2015 with the Odawa development company for them to acquire the Fox Valley Golf Course. The closing date was set for between March and June, 2016. However, litigation in regards to the current tenant at the Fox Valley Golf Course has caused the need to extend the closing date on the property one additional year, to the time frame between March 31, 2017 and June 30, 2017
DISCUSSION:
See attached memo from President/CEO Dave Hulseberg of Invest Aurora.
IMPACT STATEMENT:
There is no impact on the request to extend this sales Contract one additional year.
RECOMMENDATIONS:
It is recommended that the closing date on the sale of the Fox Valley Golf Course to Odawa Development LLC be extended per the adoption of this Second Commercial Real Estate Sales Contract attached as Exhibit A
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Approving the Second Commercial Real Estate Sales Contract for the sale of City-owned Property located at 2500 North River Road, North Aurora, Illinois, Commonly Known as the Fox Valley Golf Course
body
WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WH...
Click here for full text