ACTION REQUESTED:
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Communication from the City Manager and the Director of Public Works with a Request to APPROVE a RESOLUTION Authorizing the Public Works Director to Sign a Letter of Intent with the ILLINOIS DEPARTMENT OF TRANSPORTATION for the Proposed JURISDICTIONAL TRANSFER of an Alley Remnant off SPALDING AVENUE Between MADISON AVENUE and MONROE STREET in Peoria. [Council District 1]
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BACKGROUND: The Conn Hospitality Group has recently developed the old Cornerstone property at 321 NE Madison Avenue as Obed and Isaac's Brewpub. The Illinois Department of Transportation (IDOT) controlled portions of property at the southeast corner of Spalding Avenue and Monroe Street which was needed for this development and required a lease agreement between IDOT and the Conn Hospitality Group. When the property was researched for the lease agreement, IDOT discovered that a small remnant (18' x 33') of a vacated alley off Spalding Avenue was still owned by the City of Peoria within the IDOT property. To allow IDOT to enter into a lease agreement with Conn Hospitality Group for the needed property requires a jurisdictional transfer of the property from the City of Peoria to IDOT. IDOT has agreed to prepare the necessary plats and agreements to transfer the subject property to IDOT, but they require a Council Resolution authorizing the Public Works Director to execute the necessary Letter of Intent before they proceed any further. The proposed Resolution and Letter of Intent correspondence from IDOT, including a location sketch, are attached to this communication. Staff recommends proceeding with the jurisdictional transfer process.
FINANCIAL IMPACT: This action is revenue neutral. This action will make possible a lease agreement between IDOT and Conn Hospitality Group.
NEIGHBORHOOD CONCERNS: This action will allow Obed and Isaac's Brewpub to utilize the property under the terms of the lease with IDOT.
IMPACT IF APPROVED: IDOT will prepare plats and ...
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