CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Pass the ordinance approving a Purchase and Sale Agreement for approximately 4.68 acres of City-owned property, located east of Illinois Route 59 and south of 103rd Street, between the City of Naperville and Tower Court Naperville, LLC ("TCN") including major business terms for the development of affordable senior and IDD housing (requires seven positive votes)
body
DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: Amy Emery, AICP, TED Operations Manager
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
On September 21, 2021, the City Council issued an RFP to leverage City-owned property to address affordable housing needs in Naperville. Through the process, which included review of written proposals and meetings before the Human Rights and Fair Housing Commission, Accessible Community Task Force, and the Senior Task Force, Gorman & Company, LLC (now Tower Court Naperville or TCN) was selected as the recommended developer.
On June 21, 2022, City Council approved the form and substance of the Major Business Terms (MBTs) negotiated by the City of Naperville with TCN for sale of the property. The MBTs highlight key financial terms and conditions for an affordable senior and IDD housing development project. The purpose of the proposed MBTs is to define the scope of the project and to establish mutual understanding related to:
1. Minimum number of units
2. Tenant age and income restrictions (e.g., seniors age 62 and over; individuals with Intellectual Disabilities and/or Development Disabilities age 18 and over)
3. Expectations for site amenities and service availability
4. Timeframes for project financing, construction, and leasing
5. Financial, legal, and reporting obligations
On July 5, 2022, TCN submitted its bid for purchase of the subject property. In accordance with the requirements of RFP 21-315, the bid included two elements: purchase price and an affordability period. TCN proposed a 9...
Click here for full text