Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving an Exclusive Listing Agreement for the Sale of 6641 North Avenue with David King & Associates, Inc. and Authorizing its Execution
End
Overview
Overview
On August 1, 2014, the Village purchased the property located at 6641 North Ave, Oak Park, Illinois. The Village demolished the dilapidated building and cleaned up environmental hazards. The Exclusive Listing Agreement will allow the site to marketed for sale.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
The Village paid $1 for the purchase of the property and $209,827 to Alpine Demolition Services, LLC to demolish the property. The listing price is recommended for $145,000.
Background
The property located at 6641 North Ave had been in foreclosure for many months and was in a significantly dilapidated condition due to failure to maintain. The Village had secured the property to prevent entry into the building and scaffolding to protect the public from falling debris. Neither the owners of the property or the bank wanted to pursue ownership of the property. The Village purchased the property in order to demolish the existing unsafe structure and then sell the property.
Alternatives
The Village could choose to not market the property.
Previous Board Action
On July 6, 2015, the Village approved the agreement with Alpine Demolition for the demolition of the property. On December 7, 2015, the Village Board approved an increase to that contract.
Citizen Advisory Commission Action
NA
Anticipated Future Actions/Commitments
Once a buyer is identified the Sales Agreement will be presented to the Board.
Intergovernmental Cooperation Opportunities
NA
Performance Management (MAP) Alignment
A governance priority of Development Customer Services is economic development.