Town of Normal
I believe these lots were acquired in order to provide public parking for the businesses on Beaufort and for the future mixed use building to be built on the east side of Constitution Blvd.
Steven D. Mahrt
Town of Normal
by Diane Benjamin
In previous posts I questioned the purchase of part of the parking lot between E. College and Beaufort, west of Linden. 4 properties were purchased 8/13/2008 from One Main Development for $500,000 after One Main Development purchased that property and a building along Beaufort from Simon Wilson for $1,412,500. Another Freedom of Information Act Request was submitted to the Town of Normal to determine how the parking lot price was determined.
The minutes posted on-line from the August 8, 2008 City Council meeting say the following:
G. RESOLUTION AUTHORIZING A PURCHASE AGREEMENT WITH ONE
MAIN DEVELOPMENT, L.L.C., FOR THE PARKING LOT BEHIND 114-122
EAST BEAUFORT IN THE AMOUNT OF $500,000 AND APPROVAL OF A
BUDGET ADJUSTMENT IN THE AMOUNT OF $241,650: Resolution No.
4243: Omnibus Vote.
In other words, the purchase was budgeted for $241,650 but the amount was adjusted to $500,000.
The Freedom of Information Act request produced an August 8, 2005 appraisal of 3 of the 4 parcels. The 3 parcels total 11,827 square feet – per information obtained from the Town of Normal. The 4th parcel adds another 208 square feet.
The 3 parcels were appraised at $300,000 by Whitsitt & Associates of Champaign, Il. The 2005 appraisal per square foot is $25.37 (300,000/11827). The value of the additional 208 square feet adds another $5277 to the appraisal. (208 x $25.37). That means in 2005 the property appraised for $305,277.
So here are the facts:
- In 2008, Normal budgeted $241,650 to purchase part of the parking lot which was appraised in 2005 for $305,277
- The budget was changed in 2008 to reflect the purchase price of $500,000
The 2008 budget also appears to be entered as a purchase from Simon Wilson. One Main Development only entered the picture when purchasing additional property from Simon Wilson.
Why did the purchase price go 63.5% over the 2005 appraised value?
I received NO documents supporting the price. Somebody has some explaining to do.
7 thoughts on “Town of Normal – Questionable Land Purchase – UPDATE 2”
thats our government! if you think thats bad look in to bloomington and the county when they got the gov, center, and the arena land!!
I know, I know. I have plenty of current events to keep me busy.
The initial poster is correct. However please continue to focus on the current elected officials to help detour them from any further harm to the citizens financial well being. The idea of transparency must certainly be a dirty word in their vocabulary as they avoid transparency at all turns. Time for new leadership.
It is called progress. I wish teabaggers would understand we need to move forward, not just complain.
$90,000,000! Now that’s progress – the kind that bankrupts the citizens.
It’s time that all levels of government learned to live within their means. Families do it, businesses do it (usually), and when they don’t, they go bankrupt. It’s common sense that the same thing can easily happen to a town like Normal. It is the job of city council to be competent stewards of public money. They apparently have not. No matter how much they renovate the “uptown” area, how do they expect to recover the money spent?
@ISOR,,,moving forward. As if off the financial cliff so to speak?