Laserfiche WebLink
ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-290 <br /> November 29, 2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve Ga ity Manager <br /> Dane C. Bra g Assistant City Manager� <br /> SUBJECT: Purchase of Property— 301 North Water Street, 327 North Water Street <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached <br /> resolution to acquire the property located at 301 North Water Street, owned by Regions <br /> Bank, as Trustee under Land Trust No. 2395, for the appraised value of$275,000, and to <br /> acquire the property located at 327 North Water Street, owned by Chicago Title Land <br /> Trust Company, as Trustee under Trust No. 1333766, for the appraised value plus <br /> relocation expenses, totaling $77,000. These properties are commonly known as the <br /> former K's Annex and Samuels Miller buildings, respectively. <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 representatives. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbra�g(a)decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The purchase price will be paid from the Planning <br /> Fund and reimbursed by the Olde Towne TIF Fund. Closing is expected to occur on or <br /> around December 15, immediately following the closing for the Reynolds Development <br /> proj ect. <br />