SPRING VALLEY — The Spring Valley Council has authorized the purchase of property located at 202 E. St. Paul St. for $1 from Central Illinois Real Estate Holdings Co.
City attorney Jim Andreoni explained on Monday the process has been slow because he is going through every necessary step to make sure the city gets a “clean title” from the title company.
Once the city has the title, Andreoni will then get the deed from Bureau County for the 200 E. St. Paul St. property.
“That should be much cheaper than me going to court and getting an order to condemn the property because all that would give us is a judgment lien, and we’d have to foreclose our judgment lien to get title of the property,” he said. “This is a quicker and cleaner way of getting it done.”
Andreoni reported he has been going back and forth with the title company and believes there have been subsequent taxes that have not been paid after Central Illinois Real Estate Holding Co. took the deed to the property.
“I’m treating this as if it was a purchase because we’re going to have to spend some money taking those buildings down,” he explained. “I don’t want to take the deed and take the buildings down and then go to sell the property at some point in the future, and the title company raises an objection,” he said.
Once the city has the deed to both properties, they will then begin looking at bids to tear down the buildings. Andreoni said the property at 200 E. St. Paul St. has to come down based on a previous study of the structure of the building and the 202 E. St. Paul St. property would most likely cost more to bring it up to code then to tear it down.
Once the buildings are down, the city will then figure out how they want to use the properties.
Alderman Dan McFadden confirmed the cost for taking down the buildings will be covered by the city’s TIF (Tax Increment Financing) funds.
In other news, the council authorized upgrade pay of assistant street Superintendent Jeff Norton to street superintendent. The city’s current street superintendent John Schultz has retired from the position but has not yet submitted a resignation letter. Mayor Walt Marini confirmed he is technically on vacation until the middle of March, and could come back to the position if he wishes, unless he submits a letter. Norton will resume his responsibilities until the council can appoint him to the position in March.
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