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TO: Mayor Richard C. Irvin
FROM: Bill Wiet, Chief Development Services Officer
DATE: June 2, 2017
SUBJECT:
To approve a Settlement Agreement and Donation Agreement for the City to receive the property commonly known as the PNC Bank Building at the corner of Broadway and Benton Streets.
PURPOSE:
Once received, the City will be able to market/utilize this vacant office building and property for future development or redevelopment purposes.
BACKGROUND:
The City has had a repair/demo order on this property for the parking deck that is need of demolition. The parking structure had not been utilized when PNC Bank occupied the building because of safety concerns. Rather than expend the funds necessary to remove the parking structure, PNC Bank offered the property to the City for development or redevelopment purposes. This does not include the PNC Drive up facility at the SW corner of Broadway and Benton.
DISCUSSION:
PNC Bank had moved their office operations to their West Galena Branch a few years ago. The building's interior for the most part can be readily adaptable for an office use if need be, but it can also be part of a larger development plan in the future. Its close proximity to available parking, the downtown, and the Fox River could make this an attractive stand alone or combined redevelopment project.
The City would need to undertake the demolition of the parking structure at some point in the near future and it is recommend that specifications for its demolition be prepared.
IMPACT STATEMENT:
The immediate impact would be the cost to remove the parking structure. The long term plan of a redevelopment site is attractive to insure quality redevelopment of this quadrant of the downtown.
RECOMMENDATIONS:
It is recommended that the settlement agreement and donation agreement between the City of Aurora and PNC Bank be approved.
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Approving Set...
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