Fiscal Note
Funding in the amount of $1,250,000 ($1,200,000 purchase price and $50,000 for costs associated with the purchase of the Property including a Phase 1 and/or Phase 2 Environmental Site Assessment(s), an appraisal, an ALTA survey, proration of real estate taxes and other miscellaneous closing costs) is authorized to be used from the General Land Acquisition Fund (Munis:10772). The current balance in the General Land Acquisition Fund is $1,934,865.07. After the purchase of the former Griff's property ($469,000) and Mt. Olive Residence ($210,000) are reflected in the financial system, the balance will be $1,255,865.07. The purchase approved through this resolution will reduce the balance to an estimated $5,865.07.
Title
Authorizing the acceptance of an assignment of an Offer to Purchase from Treysta Group, LLC for the purchase of property located at 3618-3630 Milwaukee Street.
Body
WHEREAS, the property at 3618-3630 Milwaukee Street (“the Property”) is located between two potential substantial development/redevelopment areas; and,
WHEREAS, the City’s Comprehensive Plan currently calls for Low Density Residential development on the Property; and,
WHEREAS, access and planning considerations limit the ability of the Property to be developed as a stand-alone parcel; and,
WHEREAS, if assembled with one or both of the adjoining parcels at a later date, a developer could utilize the Property, increasing its long-term value and property tax generation for the City; and,
WHEREAS, under City ownership, the City could work with and sell the Property to a developer interested in one of the adjoining parcels; and,
WHEREAS, as vacant parcels, the Property generated $19,121.69 of property taxes in 2014; and,
WHEREAS, if redeveloped in a more comprehensive manner as part of an assemblage with adjoining parcels, the long-term generation of additional property taxes would compensate for the Property being off of the tax rolls in the intervening years; and,
WHER...
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