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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: June 30, 2016
SUBJECT:
To acquire six vacant parcels (former parking Lots) across from Carson's Lake Street Store, for the purpose of transferring ownership to the Fox Valley Park District.
PURPOSE:
Residents in this neighborhood have rallied for more park space within the area. And these parcels were identified as having the potential to be repurposed for open space rather than commercial use as parking lots.
BACKGROUND:
Since that time the City has pursued the acquisition of these parcels, and has now partnered with the Fox Valley Park District that would allow for the City to acquire the parcels, and transfer ownership to the FVPD, at which time they would undertake design and construction of a park on the combined sites. This is part of a larger land swap currently being discussed at City Council involving multiple parcels.
DISCUSSION:
The City has been negotiating the purchase of these properties with the Senior Vice President of Real Estate for The Bon-Ton Stores, Inc., which is the parent company of Carson's. The agreed to price is based upon the current market value of the properties (per Equalized Assessed Value), which is at or near $15,700 per parcel. Ward 6 Funds will be used for this purchase.
IMPACT STATEMENT:
There will be minimal impact given the properties will be transferred to the Fox Valley Park District under a separate agreement.
RECOMMENDATIONS:
It is recommended that the acquisition of the above parcels be approved.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Authorizing the Execution of a Contract to Purchase Real Property for Six Vacant Lots Bounded by Colorado, Palace, and Michigan Avenues, Aurora, Illinois
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WHEREAS, the City of Aurora has a population of more than 25,000 ...
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