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Urbana committee forwards 2302 Vance Road purchase to council; TIF 4 closure and transfers discussed
Summary
The Committee of the Whole voted to send an ordinance to purchase 2302 Vance Road (proposed price $915,000; not to exceed $925,000) funded from TIF 4 to the regular City Council and separately approved moving forward with an ordinance terminating TIF 4 and transferring remaining funds to Central TIF.
The Urbana Committee of the Whole voted to send a draft ordinance authorizing the purchase of 2302 Vance Road to the City Council regular agenda and advanced a separate ordinance to dissolve Tax Increment Financing District 4 and transfer remaining funds to Central TIF.
City staff (Olivia) told the committee the proposed purchase price is $915,000 and the ordinance recommends setting the purchase limit at $925,000 to reserve approximately $10,000 to maintain the property under an existing farm lease while the city prepares an RFP and redevelopment plan. "The total purchase price would be $915,000," Olivia said, and staff…
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