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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-288 <br /> November 29, 2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve G City Manager <br /> Dane C. ,Assistant City Manager� <br /> SUBJECT: Purchase of Property—337 North Water Street <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the atta.ched <br /> agreement to acquire the property located at 337 North Water Street, owned by ABG <br /> Illinois, LLC, also known as Archway Broadcasting, for the appraised value of$120,000. <br /> BACKGROUND: The subject property is part of the block to be acquired by the City <br /> of Decatur as part of the Reynolds Development, LLC agreement to rehabilitate the east <br /> side of the 300 Block of North Water Street. <br /> POTENTIAL OBJECTION: N/A. ; <br /> INPUT FROM OTHER SOURCES: This purchase has been reviewed by Corporation <br /> Counsel and the owner's representative. ' <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbrag�ndecaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The purchase price will be paid from the Planning <br /> Fund and reimbursed by the Olde Towne TIF Fund. <br />