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TO: Mayor Robert J. O'Connor
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 20, 2017
SUBJECT:
To sell the City-owned property at 62 South Broadway to ELEMY, LLC for the purpose of redevelopment of the building for commercial and residential space.
PURPOSE:
On February 27th 2017, the City of Aurora acquired the property located at 62 S. Broadway in Aurora, IL (PIN #15-22-381-005) for the amount of $0 (Zero Dollars) via Judicial Deed. The City desires to dispose of the property, have it redeveloped, and have it placed back on the tax rolls.
BACKGROUND:
On January 25th 2017, the City of Aurora issued a Public Notice Accepting Offers for Sale of Properties (Attachment A). One of the properties issued was 62 S. Broadway. Bids on this property were due no later than February 15th 2017. The City of Aurora received two letters of intent for the property. Invest Aurora has reviewed the letters of intent outlining each bid, and recommends moving forward with a Purchase and Sale agreement between the City of Aurora and ELEMY, LLC. The sale will be made for $1,000.00.
DISCUSSION:
ELEMY, LLC. will be granted a Contingency Period of 30 days to review all documents held by the City of Aurora and complete all due diligence on the property. In the event that ELEMY, LLC. is satisfied with all documents, they must deposit non-refundable Earnest Money in the amount of $1,000. The City of Aurora and ELEMY, LLC. will then establish a mutually convenient time and place for closing before December 31st, 2017. The $1,000 Earnest Money will be credited towards the building acquisition price.
At closing, ELEMY, LLC. will provide the City of Aurora with a $125,000 Letter of Credit. This Letter of Credit will be released once all conditions outlined in the Development Agreement (Attachment B) have been satisfied. ELEMY, LLC. will have 180 days to complete the scope of work from receipt of permit approvals. Prior to sighting the Development Agreement, ELEMY, LL...
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