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Council approves reconveyance of 2552 South 98th Street to leaseholder
Summary
Council adopted Resolution 2024-15 to reconvey the title of property at 2552 South 98th Street to the leaseholder (described in the transcript as Mount Edwardsville AS LLC) after expiration of the development pilot; staff said IRB benefits have expired and the property is now on the tax rolls.
City manager presented Resolution 2024-15, explaining that on expiration of the pilot program the title at 2552 South 98th Street must be returned to the leaseholder. Staff identified the entity in the transcript as "Mount Edwardsville AS LLC" (transcript contains inconsistent renderings of the company name) and said the development's IRB (industrial revenue bond) benefits have ended and the property is already on the tax rolls.
"This is a reconveyance of property located 2552 South 98th Street," the City manager said, adding that this action is the final administrative step necessary before returning title to the leaseholder who has elected to complete the full purchase. The Clerk recorded the roll-call votes approving the resolution.
Next steps: staff will complete the reconveyance paperwork and effect the transfer of title consistent with the resolution and prior pilot agreement terms.
