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STAFF REPORT <br /> Decatur City Plan Commission <br /> COMMON NAME: ROW Vacation, Wallace Pharmaceuticals <br />� GENERAL INFORMATION <br /> Hearin Da e Se tember 4 2003 <br /> g t p , <br /> Calendar No. 03-39 ' <br /> Property Location Morgan Street, south of Eldorado Street and north of Wallace <br /> Pharmaceuticals <br /> Requested Action Vacation of Right-of-ways <br /> Petitioner Wallace Pharmaceuticals <br /> Representative Edward F. Flynn, Attorney <br /> LAND USE AND ZONING <br /> Direction Existing Land Use Zoning Comprehensive Plan <br /> Subject Property Street Right of Way M-1 Light Industrial <br /> North Auto Repair M-1 Light Industrial <br /> South Wallace Pharmaceuticals M-1 Light Industrial <br /> East Wallace (vacant) M-1 Light Industrial <br /> West Wallace Parking Lot M-1 Light Industrial <br /> BACKGROUND <br /> 1. In 1986, the southern portion of North Morgan Street in this location was vacated, as well as <br /> a portion of East North Street. An easement was reserved for utility access. <br /> STAFF ANALYSIS <br /> 1. Utility letters have been received stating that they have reviewed the plat and are in <br /> agreement with the proposed vacation. An easement will be reserved for utility access. <br /> 2. Wallace owns all the property adjacent to the right of way. <br /> 3. An appraisal was submitted by the petitioner with an estimated market value of $8,000 <br /> ($.1.25 per square foot). Recently, legislation was enacted that changed the procedure for <br /> commercial property appraisals. A specific license is required for commercial appraisal. <br /> Currently, Kent Fitzjarrald is the only appraiser in Decatur with a commercial appraisal <br /> license. A second appraisal will not be required at this time. The petitioner will pay the City <br /> of Decatur$8,000 for the vacated portion of North Morgan Street. <br />