ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Approve an AGREEMENT between the CITY OF PEORIA, ILLINOIS VALLEY PUBLIC TELECOMMUNICATIONS CORPORATION, and the ROSZELL-SEALTEST BUILDING CONDOMINIUM ASSOCIATION, as Successor in Interest to JP RIVERFRONT DEVELOPMENT COMPANIES, INC. Concerning COMMERCIAL STREET.
Body
BACKGROUND: In December 2001, the City of Peoria vacated public right-of-way located between the Sealtest Building (736 SW Washington) and the then future site of WTVP's studios (101 S. State). The action intended to divide the 48' of right-of-way equally between JP Riverfront Development Companies (owners of the Sealtest Building, now the Roszell-Sealtest Building Condominium Association) and WTVP. It allowed the two parties to create a shared parking lot which they have maintained privately and proportionally since 2001.
Recently, those parties and the City have become aware of problems with the original vacation that have complicated the financing for the redevelopment of the Sealtest Building. To clear up these problems, each party needs to record a quit claim deed renouncing any ownership interest in the property. Roszell-Sealtest would quit claim the easterly 24' of the property; WTVP would quit claim the westerly 24'; and the City would quit claim the entire 48'. These actions, taken collectively, will allow for the continued renovation of the Sealtest building.
FINANCIAL IMPACT: None. Since 2001, the parties have acted as though the property had been properly vacated. The City has no maintenance costs associated with the property; this situation would remain with the actions outlined.
NEIGHBORHOOD CONCERNS: Not applicable.
IMPACT IF APPROVED: The Agreement will be signed and the property ownership issues will be resolved.
IMPACT IF DENIED: The Agreement will not be signed and the property ownership issues will remain. Redevelopment of the Seal Test building may be impacted.
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