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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: May 17, 2016
SUBJECT:
This memorandum, prepared by Invest Aurora President and CEO Dave Hulseberg, requests approval of a forgivable loan in the amount of $285,000 from the City of Aurora to Sandri Properties, LLC. for the purpose of remediating and demolishing their property at the above-captioned address, commonly known as the Soderstrom Pallet Company.
PURPOSE:
To get vacant dilapidated buildings off the river, and to work to market the now vacant property to prospective developers.
BACKGROUND:
The property is located north of Indian Trail Road and adjacent to the Fox River Trail on the west side of the Fox River. The property is 4.87 acres in area. There is a large dilapidated building on the site and a residential structure as well.
The property owner, Paul Soderstrom deceased in October of 2012. The executor of the estate is Gary Piccony and the sole beneficiary is his daughter Karna Sandri. The estate lacks the financial resources to pay for the demolition and remediation of the property and thus, make it ready for development. The property has been cited by the City for property maintenance violations. The property has redevelopment opportunities and is located within a TIF District and the River Edge Zone.
A copy of the plat of survey (Attachment A) has been provided. The property has been appraised with a land value of $635,000 (Attachment B). The property sits outside of the floodplain as estimated by Engineering Enterprises, Inc. (Attachment C). The City of Aurora also owns property nearby to this property which would likely be included as part of a future redevelopment of the subject property (Attachment D). There are City water mains that run through the property (Attachment E). A Phase II Environmental was conducted on the subject property (Attachment F). Additional soil borings were requested as part of a focused Phas...
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