CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Pass an ordinance approving a declaration of use restrictions and right of first refusal with LTF Real Estate Company, Inc. (Item 2 of 2)
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DEPARTMENT: Legal Department
SUBMITTED BY: Mike DiSanto, City Attorney
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The other related item on the City Council agenda is:
* 25-0779 - Pass an ordinance approving an amendment to the site development agreement for the resubdivided South Forty Property (Item 1 of 2)
A portion of City-owned property, commonly referred to as the "South Forty," located at the southeast corner of Illinois Route 59 and 103rd Street, is the subject of a development project which resubdivides the property to create Lot 1, Lot 2, Lot 3, and a stormwater management system to be located on Outlot A.
LTF Real Estate Company, Inc. (LTF) is under contract to purchase Lot 1 (approximately 10.55 acres) plus an undivided portion of Outlot A, for a health, wellness, and athletic facility.
Tower Court of Naperville, LLC is under contract to purchase Lot 3 (approximately 4.014 acres), plus an undivided portion of Outlot A for affordable rental senior housing and for individuals with intellectual or developmental disabilities.
The City will retain ownership of Lot 2 which also includes an undivided portion of Outlot A.
DISCUSSION:
In 2023, when the City entered into a purchase agreement with LTF for what would become Lot 1 of the resubdivision property, the city agreed that it would establish prohibited and allowed uses on Lot 2 in order to safeguard LTF against uses that would be competitive with its Lot 1 uses. The prohibited and allowed uses were specified in the purchase agreement. The City also agreed to grant LTF the right of first refusal to purchase Lot 2 if it is sold in the future.
The declaration of use restrictions and right of first refusal (Declaration) attached to the ordinance approving the Declaration re-states the prohibited and allowe...
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