Aurora is looking at buying seven properties along Bilter Road on the far northeast side of the city to control what develops there.
The city is looking at assembling the land in the hopes of marketing it to a residential developer, in an effort to keep potential industrial uses out of what the city considers more of a residential area.
“We’re taking this action to prevent a circumstance where an industrial user could use it,” said David Dibo, the city’s Economic Development director, recently. “Our intent is, after closing … to build out, looking for residential.”
The projected cost of purchasing the properties, according to contracts already on the properties, would be about $5.7 million. Dibo said the city would use Invest Aurora, the city’s not-for-profit economic development partner, to buy the properties.
After the properties are purchased, Dibo said the city would develop a request for qualifications for residential developers.
The properties are across Bilter Road, to the north, of eight Bilter Road properties the city purchased in 2019. According to economic development officials, the city purchased those properties for $4.50 a square foot, and they are now worth $10 a square foot.
On Dec. 13, 2023, a request for qualifications was published on the city’s website, and distributed to developers for a sports-oriented and complimenting residential development.
According to economic development officials, the city has interviewed several qualified applicants and will soon make a recommendation for those eight properties.
Dibo said at the July 2 City Council Committee of the Whole meeting that the city has received requests to build a large industrial complex in the Bilter Road area, and that an industrial business has been seeking to expand on some of the seven parcels.
City officials have said the properties are close to homes to the north and east of the area. The light industrial uses being considered would generate high truck traffic, city officials have said.
According to a memorandum from economic development staff to Mayor Richard Irvin, each property generates an average $6,000 a year in property taxes for a total of approximately $42,000 a year.
“Staff envisions that the site could be home of approximately 150 units which, at the current market, could and will generate approximately $12,000 a unit or approximately ($1.8 million) a year in property taxes,” the memo said.
The memo added that the city would anticipate being able to choose a developer by Oct. 15, and that the development could be underway as soon as the spring of 2025.
Aldermen are expected to vote on a resolution authorizing the purchases through Invest Aurora at Tuesday’s regular City Council meeting.
slord@tribpub.com
