ACTION REQUESTED:
Title
Communication from the City Manager with a Request for the Following:
A. AUTHORIZE the PURCHASE of Two Parcels from HAWKEYE LAND COMPANY and Authorize the City Manager to Prepare and Sign the Necessary Documents; and
B. ADOPT an ORDINANCE Amending the City of Peoria 2016/2017 Biennial BUDGET Relating to the Use of the Warehouse District TIF Fund Balance.
Body
BACKGROUND: The City has negotiated with Hawkeye Land Company of Cedar Rapids, IA to acquire two properties in the City of Peoria. Both parcels were formerly part of the Rock Island Railroad and were purchased out of bankruptcy by Hawkeye. As they are former railroad parcels, they are unaddressed and only really identifiable by their Property Identification Number (PIN). Maps of the parcels are attached.
A. Parcel 14-35-101-003 is a 0.16 acre parcel that is adjacent to City owned property along the old Rock Island railway near its War Memorial crossing. The parcel is a strategic acquisition that is required in order for the City and Park District to complete the Rock Island Trail.
B. Parcel 18-17-402-022 is a 0.58 acre parcel along the Illinois River pinned between the ADM rail spur and Bob Michel Bridge. This property has been identified as a potential site of an off-leash dog park and recreational area called "Water's Edge Park." Originally, it was believed that this parcel was owned by ADM who when approached offered to donate the parcel to the project. However, a survey and deed search discovered the Hawkeye ownership. The property is an important part of any future riverfront park development such as Water's Edge Park. In 2015, the City Council approved the concept of the Park development.
The Downtown Development Corporation (DDC) worked on behalf of the City to negotiate a fair price for acquisition. From the initial request of $65,000 for just the riverfront parcel, the final negotiated price for both parcels is $35,000.
FINANCIAL IMPACT: The $35,000 acqu...
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