Aurora sells two buildings - for $10 each - to developers

The Aurora City Council has approved the sale of two city-owned buildings on LaSalle and Lake streets, clearing the way for private developers to buy the downtown buildings for $10 each.

The new owners have agreed to make significant improvements with the help of financing through a new incentive called the Invest Aurora Revolving Loan Fund, designed to loan money for the renovation of older downtown buildings.

The city bought the building at 59 S. LaSalle St. for $85,000 in 2012.

City officials said the new owner, Model 51, LLC, has agreed to make facade improvements of a similar style to the pool hall at 57 S. LaSalle St. The agreement also calls for the removal of an air-conditioning unit on the front facade and interior renovations to include first-floor commercial space and two one-bedroom apartments. The building currently is vacant.

The city acquired the second building at 55 S. Lake St. last October via judicial deed.

Developer Dan Sledz, who owns the properties adjacent and across from the site, has agreed to remove blue, pink and lime green paint from the building and to replace a boarded-up window. Facade improvements are to include rebuilding the brick exterior and the addition of awnings.

Billboards are to be removed from the northeast corner of the building when a lease expires in 2020.

The building is vacant and the developer plans to seek one or more commercial tenants to move in upon completion of the improvements.