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DEVELOPMENT SERVICES MEMORANDUM <br /> Memo No. 12-24 <br /> DATE: May 16, 2012 <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: Extension of Agreement For Sale of Lot 2 of Mound Center per the plat recorded in <br /> Book 1832 at 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 and Mound <br /> Road. <br /> RECOMMENDATION: Staff recommends approval of a six-month extension of the agreement to <br /> sell Lot 2 at Mound Center to allow for the continued development of the site. <br /> BACKGROUND: The City Council in December 2011 approved an agreement for the sale of lot 2 <br /> of Mound Center to facilitate a new Smashburger restaurant and other development on site. The <br /> developer is still working to complete certain agreement requirements and has requested a six-month <br /> extension to allow the work to be completed. Those requirements include but are not limited to: <br /> submittals and approvals of site plans, title work, soil borings, lease negotiations, approvals from <br /> Target and Olive Garden, etc. <br /> As you know, the City over the last several years has been working diligently to finalize the <br /> development Mound Center, the retail destination located at the intersection of U.S. 51 and Mound <br /> Road. An overriding goal during this work has been to recruit new retail and/or restaurant space not <br /> currently operating in the City as a means to drive both local and out-of-town traffic to the City to <br /> dine or shop. This strategy in staff's opinion has been successful in bringing to our community <br /> entities that were highly desirable by local residents and that,today, continue as popular destinations. <br /> (Target, Olive Garden, Starbucks, Papa Murphy's Pizza, etc.). Plans are for this next phase of <br /> development to include Smashburger, which ranked first in the most recent Forbes Magazine list of <br /> America's Most Promising Companies. According to Forbes, this Denver-based company is expected <br /> to grow to 143 locations throughout the U.S. and $54 million in annual revenue by the end of the year <br /> with 450 more franchise agreements currently in place. <br /> POTENTIAL OBJECTION: Staff is not aware of any objectors. <br /> INPUT FROM OTHER SOURCES: None. <br /> STAFF REFERENCE: Should the City Council have any questions, they may contact Billy Tyus at <br /> 217-424-2727. <br /> BUDGET TIME IMPLICATIONS: None <br />