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TO: Mayor Richard C. Irvin and City Council
FROM: Alex Alexandrou, Chief Management Officer
Christopher Minick, City Treasurer/Chief Financial Officer
David Dibo, Executive Director, Division of Economic Development
Alessandro Minnella, Senior Planner, Mayor's Office of Economic Development
DATE: June 24, 2024
SUBJECT:
The acquisition of seven (7) properties on Bilter Road in the unincorporated area of Kane County, located north of the Chicago Premium Outlet.
PURPOSE:
To authorize the City to accept the assignment of all contractual rights and responsibilities of Invest Aurora, with whom staff have been working, to acquire seven (7) parcels for a total purchase price of $5,891,000.
To authorize and direct various City Officers to take all actions necessary to complete the acquisition of said properties as outlined in each purchase and sale contracts made part of this approval.
BACKGROUND:
Although within Aurora's municipal boundaries, the subject parcels are currently unincorporated in Kane County which has more flexible land use regulations and therefore may not bring the best land use for the City; this in turn could have a negative impact on existing land uses.
The City has received requests to build a large industrial complex in this area and very recently an industrial business that is seeking to expand on certain of these parcels, in close proximity to high quality homes to the north and east of the subject area.
Speculative buildings, light industrial uses in general, are often associated with trucks and semitrucks traffic which is not in line with the residential developments immediately to the north and east or with the intended high-quality mixed-use sports and residential development envisioned on the fifty (50) acres the City already owns.
In 2019, the City strategically acquired and assembled nine (9) open parcels comprised of 50.22 acres for $4.50/SF that today they are worth $10/SF.
On December 13, 2024, a Request...
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