ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Approve the INTERGOVERNMENTAL AGREEMENT with the BOARD OF EDUCATION OF PEORIA SCHOOL DISTRICT NO. 150 for the Transfer of Real Estate Commonly Known as (OLD) WASHINGTON SCHOOL Located at 839 WEST MOSS STREET, Peoria, Illinois.
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BACKGROUND: The Board of Education of Peoria School District No. 150, Peoria County, Illinois ("Board") currently holds title to the Adult Education facility (old Washington School) located at 839 West Moss Street and has determined that it no longer needs the property for educational needs. Because the Board recognizes the property's historical significance to the community and desires to see the property is developed in a manner consistent with the surrounding neighborhood, the City and Board signed an Intergovernmental Agreement in November 2013 for the transfer of title of said real property to the City upon the City's obtainment of a purchaser approved by both the City and the Board. This initial Agreement expired on February 28, 2014. The City was not able to find a suitable purchaser under this Agreement and now requests additional 6 months to find a suitable purchaser for this property.
Under the terms of the new Intergovernmental Agreement, the City has until August 31, 2014 to make reasonable efforts to secure a purchaser for the property for a price no less than $150,000. As before, the purchaser must develop the property in a manner that preserves its historic significance and that is consistent with the surrounding neighborhood. Upon the Board's approval of the proposed purchaser, the Board will convey the property to the City upon which the City will then sell the property to the purchaser. The proceed minus the cost of the closing from the sale of the property to the final purchaser will be given to the Board.
FINANCIAL IMPACT: The City agrees to cover reasonable cost of utilities and maintenance during this marketing period...
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