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• � C <br /> COMMUNITY DEVELOPMENT MEMORANDUM <br /> NO. 96-150 <br /> August 26, 1996 <br /> TO: Honorable Mayor Terry M. Howley and City Council Members <br /> FROM: William B. Sands, Acting City Manager <br /> George C. Weaver, Community Development Director , <br /> SUBJECT: Ordinance Vacating Macon Street and Two Alleys <br /> The City Council previously authorized a development agreement with First Site, Ltd., the <br /> developer of the Millikin University apartment project. One of the provisions of that agreement <br /> was to vacate the alleys and Macon Street that traverse the redevelopment site. The proposed <br /> ordinance will finalize the street and alley vacation commitments that were made as part of the <br /> development agreement. <br /> It had been the City Manager's intent to convey this property at a nominal cost to Millikin <br /> University. Early discussions conceptually placed the value of the vacations at $10,000. <br /> Although no professional appraisal of the vacated right-of-way was obtained, appraised square <br /> foot values of vacant land in the neighborhood yield a rough estimate of$27,000 for the square <br /> footage of the street and alleys. <br /> Staff recommends the vacation and sale of the properties at the originally discussed price of <br /> $10,000. Staff will be present to answer any questions. <br />