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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: July 14, 2016
SUBJECT:
To ratify the executed Settlement Agreement between the City of Aurora and Hobbs Property LLC, and to formally accept ownership of the property at 2-4 North River Street, known as the Hobbs Building.
PURPOSE:
The purpose of the acquisition of the property was to perform emergency weatherization repairs, and allow for the building to be marketed for future development in the downtown.
BACKGROUND:
The property has sat vacant for decades, and had continued to deteriorate. The City of Aurora had taken an active enforcement case with the property owners, who had recently acknowledged they would not be providing any additional funding for the repairs being sought. Therefore discussion ensued on the City receiving the property free of any liens or encumbrances.
DISCUSSION:
The City has received ownership of the property by its execution of a Settlement and Mutual Release Agreement on June 21, 2016. This enabled the City to perform the emergency weatherization repairs, and begin the process to seek interested parties for the redevelopment of the building. Funds for the emergency repairs have already been authorized, and the work has been performed. The current action being sought would allow the City to formally accept the property from Hobbs Property LLC.
IMPACT STATEMENT:
By receiving the building and expending the funds necessary for repairing the building, the City has avoided additional lane closures on River Street (for safety purposes) and can now market the property.
RECOMMENDATIONS:
It is recommended that the Ordinance be approved.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Ratifying and Authorizing the Acceptance of Real Estate Commonly Known as 2-4 North River Street, Aurora, ...
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