cover
TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Director
DATE: December 2, 2014
SUBJECT:
To request approval for the City of Aurora to accept the assignment of the purchase agreement for 310 North Broadway Avenue, Aurora, Illinois from Seize the Future Development Foundation (STFDF) in order to acquire the property commonly referred to as Randy's Automotive.
PURPOSE:
Randy's Auto property is an 11,725 square foot parcel directly east of RiverEdge Park. This parcel is one of two properties that were excluded from the Park's development. There is currently a 1,500 square foot auto repair shop along with a graveled parking area immediately north. The City of Aurora, along with Seize the Future Development Foundation (STFDF), has been negotiating the acquisition of this property for several years.
BACKGROUND:
This property is an integral acquisition for park purposes. Once acquired and demolished, the series of park amenities on either side of the property can be joined together. As indicated previously, the property's acquisition will open up the park to further views along Broadway, and will allow patrons of RiverEdge Park to have better access throughout (also with the acquisition of the property to the north).
DISCUSSION:
STFDF has entered into a purchase agreement with owner Randy Martinson for a total acquisition price of $355,000. The actual purchase price is $275,000. There will be a reimbursement for legal expenses of $5,000, plus a business interruption payment of $75,000. This business interruption payment would be owing if Randy ceases operation of his auto repair business at the date of closing (he would be entitled to occupy the property for the purpose of removing his personal and non-personal property until March 31, 2015).The City of Aurora would then accept assignment of the purchase agreement and acquire the property. Funding is available in the 2015 City Budget Account 215-1710-417.71-01 (Cost...
Click here for full text