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DEVELOPMENT SERVICES MEMORANDUM <br /> Memo No. <br /> October 7, 2013 <br /> TO: Honorable Mayor Michael T. McElroy and City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Billy Tyus,Assistant City Manager <br /> SUBJECT: Sale of Lot 2 of Mound Center per the plat recorded in Book 1832 at <br /> Page 832 as Document No. 1647492 in the Macon County Illinois Recorder's Office. <br /> Site is part of the ongoing Mound Center Development at the intersection of U.S. 51 <br /> and Mound Road. <br /> SUMMARY RECOMMENDATION: Staff recommends approval of said purchase at a <br /> price of$75,000 to allow for the continued development of Mound Center. <br /> BACKGROUND: The City has for some time now been working to finalize the <br /> development of Mound Center,the retail destination located at the intersection of <br /> U.S. 51 and Mound Road. An overriding goal during this work has been to recruit <br /> new retail and/or restaurant space not currently operating in the City as a means to <br /> drive both local and out-of-town traffic to the City to dine or shop. Over the years <br /> the City has been successful in bringing in a number of anchor retail/restaurant <br /> establishments (Target, Olive Garden,Starbucks, Olive Garden, Papa Murphy's Pizza, <br /> etc.) and Mound Center, by all accounts, exists as one of the most active shopping <br /> centers in the city. The City has reached an agreement in principal for a developer to <br /> bring a new Ashley Furniture to the site as the next phase of development, pending <br /> City Council approval of this agreement to sell Lot 2 on the site and future approval <br /> of a redevelopment agreement.Ashley Furniture stores consistently rank amongst <br /> the largest home furnishings retailers in the United States with parent company <br /> Ashley Furniture Industries being the largest manufacturer of furniture in the <br /> world. The sales contract calls for an incentive to share 80% of the new sales taxes <br /> collected for the first five years after opening,with the actual agreement to be <br /> spelled out in a redevelopment agreement to be discussed at a later date. <br /> POTENTIAL OBJECTIONS: None <br /> INPUT FROM OTHER SOURCES: N/A <br /> STAFF REFERENCE: Questions concerning this item should be forwarded to City <br /> Manager Ryan McCrady at 424-2801 (rmccradyPdecaturil.gov) or Billy Tyus at <br /> 424-2727 (btyus@decaturil.gov). <br />