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R2006-188 AUTHORIZING PURCHASE OF REAL PROPERTY
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R2006-188 AUTHORIZING PURCHASE OF REAL PROPERTY
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11/2/2015 11:35:39 AM
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11/2/2015 11:35:38 AM
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Resolution/Ordinance
Res Ord Num
R2006-188
Res Ord Title
AUTHORIZING PURCHASE OF REAL PROPERTY 301 AND 327 NORTH WATER STREET - OLDE TOWNE REDEVELOPMENT
Approved Date
12/4/2006
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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 />
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