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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: January 30, 2015
SUBJECT:
To request approval for the City of Aurora to approve a settlement agreement with Gary Gooding (and Chicago Title Land Trust Company as Successor Trustee to the First National Bank of Geneva, Trustee under Trust Agreement dated 11/28/89, and known as Trust Number 2958) owner, for the acquisition of the property commonly known as 330 North Broadway.
PURPOSE:
The property at 330 North Broadway is a 15,139 square foot parcel directly east of RiverEdge Park. The building contains various office tenants. This parcel is one of two parcels that were excluded from the park's development. The other property, 310 North Broadway, commonly known as Randy's Auto, has been approved for acquisition by the City and should be closely shortly.
BACKGROUND:
This property, similar to 310 North Broadway, is an integral acquisition for park purposes. Once acquired and demolished this area will be integrated into the park, and improvements will compliment what is existing. The City began proceedings to acquire this property through eminent domain for park purposes, however, a settlement agreement has been reached which if approved will end the legal proceedings.
DISCUSSION:
The total acquisition price is $365,000. Of that amount, $60,000 will be used to satisfy the first mortgage on the property. Also, another $100,000 of the total acquisition price will be placed in a joint escrow account set up to cover environmental cleanup costs. Environmental testing will be conducted on this site, and any clean-up costs attributed to the Gooding property will be deducted from the escrow account, for a period of 12 months. Once completed, any funds remaining will be provided to Gary Gooding. Please note that this area was once a manufactured gas plant and this property is also subject to environmental clean-up by ComEd. Funding is available in the 2015 City ...
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