TO: Mayor Thomas J. Weisner
FROM: Daniel Barreiro, Chief Community Services Officer
DATE: September 3, 2013
SUBJECT: title
Ordinance to Authorize the Disposition of a Property Located at 590 East Downer Place - Neighborhood Stabilization Program (NSP))
body
PURPOSE:
This staff report is offered as a companion to the Master Development Agreement with the Joseph Corporation that offers an overall disposition strategy and process for remaining properties owned by the City of Aurora under the Neighborhood Stabilization Program (NSP). This specific report requests approval of an Ordinance for the disposition of the NSP property known as 590 East Downer Place. The disposition of this property is covered under the Master Development Agreement that is discussed fully in a subsequent staff report.
BACKGROUND:
In 2008 the City of Aurora was allocated $3,086,586 under the American Recovery and Reinvestment Act (ARRA) for the NSP federal stimulus program which was used to purchase vacant/abandoned/foreclosed properties for the purpose of rehab or demolition and new construction. Overall, the NSP Program has spent over $3 million in Aurora neighborhoods and employed approximately 110 local contractors.
DISCUSSION:
This property will be sold for di minimus, or no value, pursuant to NSP regulations, to the Joseph Corporation who as a developer will make minor renovations to the property for the purposes of reselling to income eligible homebuyers.
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 the Joseph Corporation for the real property known as 590 East Downer Place.
cc: Alderman O'Connor, Chairman
Alderman Schuler
Alderman Mervine
Alderman Peters, Alternate