Council amends and approves option to acquire two downtown properties after debate on oversight and price

Aurora aldermen voted to adopt an ordinance authorizing an option agreement for the purchase of two downtown properties at 201 and 213 North Lake Street after an amendment to clarify that any exercise of the option requires city‑council approval.

The discussion focused on appraisal comparables and price. An alderman questioned appraisals that compared local square-foot values ($42.37 to $58.63 per sq. ft.) with the proposed purchase price (about $63 per sq. ft.), arguing the city was offering more than recent comparable sales within Aurora. Alex Alexander, the city’s chief management officer, said the item before the council was an option, not a final purchase, and that strategic acquisitions sometimes warrant a premium. He added the option locks a price for 365 days.

Alderman Bugg and others observed language in the draft ordinance that could allow the mayor to exercise an option without returning to council. Corporation counsel and staff acknowledged a potential drafting gap and Alderman Lesch proposed, and council carried, an amendment conditioning the mayor’s execution of purchase documents on subsequent city-council approval. The amendment passed on roll call and the ordinance itself was adopted 10–1.

The ordinance was presented as an option agreement intended to secure the possibility of a future purchase; if exercised, the purchase would then proceed with council approval under the amended language. The record shows the council debated appraisals, strategic value, and the legal mechanics of exercising the option before voting.