Champaign may be able to find more funding for its MCORE projects by selling property that never got developed after previous plans fell apart in the great recession. From today's News-Gazette:
For Champaign, there's gold in them thar Campustown lotsMore details and information at the full article here. More on MCORE projects here.
The land near the University of Illinois campus has become so valuable that a couple empty lots are now worth more than $5 million.
The city-owned lots a block west of the County Market grocery store in Campustown are expected to sell for more than that later this month at auction.
The 1.3-acre parking lot at 207 E. White Street has a market value of $3.59 million, Stephen Whitsitt wrote in a March appraisal of the land, and the 0.53-acre grass lot at 207 E. Stoughton St. has a market value of $1.57 million.
That's up from 2016, when the lots were valued at $2.99 million and $1.47 million, respectively...
"We always intended that they'd be developed. They were part of the agreement for Burnham 310, then the recession hit, so we pulled out of the development agreement," said Bruce Knight, the city's planning and development director.
The city is looking to sell them now to help pay for the $46.9 million Multimodal Corridor Enhancement project improving many of the Campustown streets.
The project is funded with a $15.7 million federal grant and matching local funds.
"We thought that with selling these, we could use some of that return to meet the local match requirements for MCORE," Knight said.
This will be the first time Champaign has auctioned a property.
"MTD did it with a couple properties and had some success, so we thought we'd give it a try," Knight said.
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