Fiscal Note
Total costs for purchase, taxes, closing, site analysis and redevelopment plan are estimated at $3,577,000. Funds are available in the 2010 PCED adopted capital budget, Project No. 23, “Land Banking” (Account No. 810638). Funding is General Obligation borrowing, but the debt repayment may be chargeable to TID#37 if sufficient increment is available from future development within the district.
Title
Authorizing the execution of a Real Estate Contract with M&I Regional Properties, LLC for the purchase by the City of properties located at 2507, 2504 and 2340 Winnebago Street (Union Corners) and authorizing the use of Land Banking Funds for the acquisition.
Body
PREAMBLE
The Union Corners area on East Washington Avenue was the site of a proposed mixed-use development project (the “Union Corners Project”). The developer had assembled the land for the Union Corners Project and, after pursuing an intensive public participation process, received land use approvals for the first phase of the proposed project. The approved project included commercial, retail and residential elements and was envisioned to be developed in phases. The City committed TIF financing for the first phase of the Union Corners Project and made substantial public improvements on the site including a traffic circle and an extension of Winnebago Street. The recession in the housing and commercial real estate markets stalled the project. Due to the inability to proceed with the project, the developer turned the ownership of the land assembled for the Union Corners Project over to M&I Regional Properties, LLC (“M&I”). M&I has approached the City to acquire three parcels located at 2507, 2504 and 2340 Winnebago Street (the “Properties”) within the Union Corners Project. The Properties total 497,191 square feet or 11.41 acres. The Office of Real Estate Services has negotiated terms with M&I for the acquisition of these parcels. The purchase price is supported by an appraisal obtai...
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