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TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: February 8, 2024
SUBJECT:
A Resolution Authorizing the Execution of a Property Purchase and Sales Contract for 64 E. Downer Place, Aurora, Illinois.
PURPOSE:
To purchase a property adjacent to other properties owned by the City to create synergies and to open possibilities for a larger more comprehensive development.
BACKGROUND:
The City is facilitating the goals of the Downtown Master Plan including the support of arts, cultural space, social gathering, hospitality, and diverse businesses that distinguish Aurora as its own destination separate from other Fox Valley communities.
The building is in good condition, and it is mostly leased. That said, as a strategic property at the entrance of what is fast becoming a dynamic retail/art Downer corridor, the property is underutilized. It forms a natural assemblage to the City's properties that border Mundy park.
The p.i.n. number is 15-22-336-017; the property features 2,680 square feet.
DISCUSSION:
Because the property is in good conditions, should the RFQ not produce highest and best use opportunities, the City will be able to use the office space to house other tenants on Broadway that may be displaced if the City sells its Broadway properties in the RFQ process?
Timing is also of the essence since the City will publish a request for proposal (RFP) to divest City owned properties along the Broadway corridor with the intent to open doors to new development opportunities.
The subject property features two floors, with the first-floor owner occupied, and the second-floor renter occupied. The stipulation of the contract requires that the owner will be responsible to carry the lease by and between Margarita Marchan and the tenant through its term expiring in September 2024 at which point the City will close on the property. No additional lease extension will be stipulated nor granted before or upon termination of the lease.
Margarita Mar...
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