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TO: Mayor Robert J. O'Connor
FROM: Tracey M. Vacek, Planner
DATE: March 9, 2017
SUBJECT:
A Resolution Authorizing the Execution of a Dedication Agreement with Centrue Bank and River & Benton, LLC for Lot 2 of River Street Plaza, Phase One Resubdivision (Centrue Bank, River & Benton, LLC, and Fitzpatrick Properties, LLC - L14-01088 / AU21/4-14.142-AG - TV - Ward 4)
PURPOSE:
The Petitioners are proposing a Dedication Agreement for Lot 2 of River Street Plaza, Phase One Resubdivision to the City of Aurora pursuant to the Redevelopment Agreement approved on March 8, 2006 by Resolution R06-129.
BACKGROUND:
The Subject Property is part of the River Street Plaza property with DF(S) Downtown Fringe zoning, which is part of the River Street Plaza Special Use Planned Development. Additional information on the legislative history of the property can be found in the attached Property Information Sheet.
The Petitioners are requesting approval of a Dedication Agreement for conveyance of Lot 2 of River Street Plaza, Phase One Resubdivision to the City of Aurora. Centrue Bank, who acquired a portion of the property through default, is looking to complete their commitments of the Redevelopment Agreement. As part of their obligations, Centrue Bank constructed the upper pathway along the bank of the Fox River for the entire length of the property.
Concurrently with this proposal, the Petitioners are requesting approval of a Final Plat Revision for Lots 1 and 2 of River Street Plaza Subdivision Phase One. The revision will reconfigure the two lots to enlarge Lot 2 to include the upper pathway to the bank of the Fox River expanding the public access along the River.
DISCUSSION:
This Dedication Agreement will facilitate the transfer of title which will satisfy the obligation of the dedication of land pursuant to Section 8.2 of the Redevelopment Agreement.
IMPACT STATEMENT:
The development of the future lower pathway made possible through the approval of thi...
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