cover
TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: December 2, 2015
SUBJECT:
To authorize the acquisition of a vacant parcel of land adjacent to the City-owned property at the corner of New York Street and River Street.
PURPOSE:
The purpose of this acquisition is to consolidate the corner under one ownership for marketing and/or redevelopment purposes.
BACKGROUND:
The City several years ago acquired a building in a state of disrepair and had it demolished as part of redevelopment plans for West New York Street. The building sat on what was approximately two-thirds of the corner property. The City did not receive the remainder of the property indicated on the attached aerial photo. This parcel (approximately 2,336 square feet) was placed on the market and, although there is no minimum square footage for building in the downtown, development on only this site would be impractical, but looking at it as a whole would merit interest.
DISCUSSION:
The acquisition price totals $11,000 (amounting to $10,000 net acquisition cost plus the City will be assuming sellers costs to get to closing). Market value on this property, based on Equalized Assessed Valuation, reached a high of $16,200 on the 2012 property tax bill, and now is currently at $7,390. The recommended purchase amount benefits the property currently owned by the City, can continue to be maintained as a whole, and can be consolidated as one single parcel for redevelopment purposes. Funding is available in the TIF 1 Cost of Land account.
IMPACT STATEMENT:
There would be minimal impact on this acquisition given the City owns the remainder of the corner and can continue to maintain it as one common property.
RECOMMENDATIONS:
It is recommended that the attached Contract for Sale of Vacant Land be approved.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
...
Click here for full text