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TO: Mayor Richard C. Irvin
FROM: Alex Minnella, Senior Planner
DATE: June 8, 2022
SUBJECT:
A Resolution Authorizing the Execution of a Tri-Party Agreement between the City of Aurora, SOA Lake, LLC, and SFI Properties Aurora, LLC to share in the cost of installing a public sanitary sewer line to Induce Development for a future outlot parcel located at 970 N. Lake Street. MOED2022-183 (Ward6/Saville).
PURPOSE:
To obtain the approval of the City Council of a proposed resolution that would authorize the Mayor to execute a tri-party agreement between the City of Aurora and SOA Lake, LLC, and SFI Properties Aurora, LLC to financially assist with the design and construction expenses of the Public Sanitary Sewer Line from Palace Street to the west side of a proposed outlot to Induce Development at 970 N. Lake Street; for a City of Aurora cost of not to exceed $45,000.
BACKGROUND:
The site, at 970 N. Lake St., is the former Carson Pirie Scott department store, now owned by Storage of America (SOA) which last year donated the building to set up one of the vaccination sites for the city of Aurora.
The property is currently zoned B-3 Business and Wholesale District and consists of
approximately 128,000 square feet of former Carson's Department store space on 7.97 acres west of Lake Street, south of Manor Place and east of Palace Street; within TIF #5.
SOA has plans to redevelop the current building to consist of indoor climate-controlled units and new retail space facing Lake Street. In addition, SOA is looking to create a commercial outlot at the southeast corner of the property on which SFI Properties Aurora, LLC has expressed interest and formally provided SOA with a letter of intent for the construction of a new carwash.
SFI Properties Aurora LLC is the contract purchaser of the proposed Outlot from SOA Lake, LLC and is an affiliated company with Super Sudz Aurora Inc. Super Sudz intends to construct a new carwash on the Outlot.
Utilities curren...
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