ACTION REQUESTED:
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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 original Agreement and in March 2014, both parties agreed to a mutual extension through August 31, 2014. The City's Request for Proposal (RFP) yielded a viable party and in July 2014 the City Council approved sale of the property to Montessori Children's Home of Peoria. However, due to budget constraints and higher than anticipated costs of renovating the property, Montessori has withdrawn its offer. Since the Agreement between the City and Board has expired, an extension is required. The Superintendent has indicated her and District 150's support for a revised Agreement (attached) that extends the deadline through July 31, 2015. This will be considered by the School Board at their January 12, 2015 meeting.
Under the terms of Agreement, the City must make reasonable efforts to secure a purchaser for the property for a price no less than $150,...
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