ACTION REQUESTED:
Title
Communication from the City Manager and Community Development Director with a Request to APPROVE the PURCHASE of Property at 3550 SW ADAMS STREET, in the Amount of $25,000.00 Plus Closing Costs, Not to Exceed $3,000.00, and to Authorize the City Manager to Execute the Necessary Documents.
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BACKGROUND: In May 2013, the City purchased 3 parcels of contaminated land at 3560 SW Adams Street totaling 4.97 acres? (Tabor Property). In October 2014, the City entered into an agreement to purchase 3540 SW Adams (.35 Acres) from the County Trustee. The deed for this purchased will be received by the end of November.
The City now has the opportunity to purchase the final piece of property located between the above parcels which would provide the City with control of a total of 1,055 linear feet along SW Adams Street in the Southern Gateway.
Subject property is approximately 135.5' wide and 62.5' in depth for a total of 8,588 sq. ft. The parcel holds a building that is 43'X 41', has many code violations and is a candidate for demolition. The assessed value of record on this property is $10,850, which would make the market value approximately $36,130. A recent appraisal (October 24, 2014) indicates the value of the property to be $35,000.
The City has conducted a Phase I environmental Study and the State has conducted a Phase II study including soil borings. These studies indicate contamination on a small portion of the property. Estimates indicate that an engineer barrier on the contaminated area would cost $10,000? and the cost of removing the soil would be approximately $31,000? (either acceptable to Illinois EPA with submission of an approved plan).
The Owner of the property has cooperated with the City in obtaining the environmental studies, by providing access the City's property at 3560 SW Adams. He has also been very patient, waiting for over a year for the results of the studies so the City would have a ...
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