ACTION REQUESTED:
Title
Communication from the City Manager and Interim Corporation Counsel with a Request to APPROVE the REAL ESTATE SALE AGREEMENT with DOWNTOWN DEVELOPMENT CORPORATION for the Purchase of 837 SW WASHINGTON STREET, Peoria, Illinois. (Council District 1)
Body
BACKGROUND: Purchase of this property, in conjunction with other adjacent land purchases will provide a bigger footprint to accommodate current and future parking needs.
FINANCIAL IMPACT: The purchase price is One Hundred Fifty Thousand Dollars ($150,000.00) payable, with One Thousand Dollars ($1,000.00) paid as earnest money concurrent with the execution of the attached Purchase Agreement and the remaining paid at closing.
NEIGHBORHOOD CONCERNS: None. Will eliminate blight from vacant and dilapidated properties and will have potential to provide parking for the Warehouse District.
IMPACT IF APPROVED: The City will have control of this property for future use or development.
IMPACT IF DENIED: The City would not purchase the property.
ALTERNATIVES: As Council directs.
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
2. Choose an item.
3. Choose an item.
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
2. Choose an item.
3. Choose an item.
DEPARTMENT: City Manager's Office